Sure, you might if your employer offers it and you've signed up for the coverage. In most every case, it's very inadequate and you'll lose it all if you stop working there. Life insurance is critical, and you should definitely take advantage if offered through your employer but, you'll need more and there are other types you'll want to consider based on your needs and goals.

Yes, a medical exam is almost always part of the traditional life insurance underwriting process. There are a few no-medical-exam life insurance policies out there, but they typically tout lower coverage amounts and higher prices than comparable policies subjected to the full underwriting process.

It's comparable to a basic physical. The insurer's testing company will take your vitals (pulse, height, weight) and a blood sample. Sometimes they'll ask for a urine sample, or administer an EKG.

The death benefit is how much the life insurance policy pays to your beneficiary, untaxed and in a single lump sum, should you die. That amount is considered the 'face value' of the policy. Before you ask, 'face value' is a fancy way of saying how much your policy is worth. And, just in case, your beneficiary is the person you designate to receive the death benefit.

You'll have to carefully consider all your options and decide what's best for you and your family. We can tell you, though, that it's possible to have multiple beneficiaries, so there's no need to sweat picking between your children. Also, you can update your beneficiaries regularly. So if you name your new spouse and things don't work out, you can leave the death benefit to your dog instead. (Also, for serious.)

a. Term insurance generally has lower premiums than permanent policies. However, term life insurance does not build up cash value that you can use in the future. Term covers you — as the name suggests — for a term of one or more years. If you die within that term, death benefits are paid out. You can renew most term insurance policies for one or more terms, even if your health has changed, though premiums may be higher. So be sure to ask your insurance agent or company if you will have this option to renew after the end of the term and if there is an age cut-off for renewals. You may also combine cash value life insurance with term insurance for the period of your greatest need for life insurance to replace income.
b. Permanent insurance policies remain in place as long as the premium is being paid. They also all have a cash value that increases over time and allows the policyholder to borrow against that cash value. Because of the savings element, the premiums for permanent insurance tend to be higher compared to term insurance premiums. There are four types of permanent life insurance: whole life, universal life, variable life, and variable universal life. You can learn more about these different types when you schedule with a wealth specialist.

Indexed universal life (IUL) insurance is a type of permanent life insurance, meaning it has a cash value component along with a death benefit. The money in a policyholder's cash value account can earn interest by tracking a stock market index selected by the insurer, such as the Nasdaq-100 or the Standard & Poor's 500. You may also have a fixed-rate account and can choose how much you want to go into each account. Although the interest rate derived from the equity index account can fluctuate, the policy does offer an interest rate guarantee, which limits your losses. It also may cap your gains. These policies are more volatile than fixed universal life policies, but less risky than variable UL insurance policies because no investment is made in equity positions.

Not necessarily. IUL insurance policies have an investment element, which can grow and earn interest connected to an equity index. They also have flexible premiums. Whole life insurance is a more straightforward form of permanent life insurance, with a guaranteed death benefit, fixed premiums, and cash value component that acts like a savings vehicle, rather than an investment account. Whole life is easier to understand but may not provide the upside that IUL can.