What is life insurance?

Life insurance is a financial product designed to provide monetary protection to beneficiaries in the event of the policyholder's death. It serves as a safety net to ensure that loved ones are financially supported after the insured's passing. Life insurance policies usually require the payment of regular premiums in exchange for a predetermined payout, known as the death benefit. This payout can be used to cover various expenses such as funeral costs, mortgage payments, outstanding debts, education expenses, and day-to-day living expenses. Life insurance comes in various forms, including term life insurance, whole life insurance, and universal life insurance, each offering different benefits and coverage periods. It is a valuable tool for individuals looking to secure their family's financial future and provide peace of mind in uncertain times.