What is life insurance?

Life insurance is a financial product designed to provide monetary protection to beneficiaries upon the death of the insured person. When an individual purchases a life insurance policy, they agree to pay premiums to the insurance company, which, in return, promises to pay a predetermined sum of money to the policy's beneficiaries when the insured passes away. This payment can help cover various expenses, such as funeral costs, outstanding debts, and living expenses, ensuring that loved ones are financially secure during a difficult time. There are different types of life insurance policies, including term life insurance and whole life insurance. Term life insurance provides coverage for a specific period, usually between ten to thirty years, while whole life insurance offers lifetime coverage and includes an investment component that builds cash value over time. Life insurance policies can be tailored to suit individual needs based on age, health, financial obligations, and future goals. It is essential for individuals seeking life insurance to assess their unique situations and consider their long-term financial planning requirements. For more information, one might find it helpful to explore Jackson National Life Insurance's website, which provides details on their various products and services.