Life insurance is a type of insurance that pays out a sum of money to a designated beneficiary upon the death of the insured person. The purpose of life insurance is to provide financial protection to the policyholder’s family or other designated beneficiaries in the event of the policyholder’s death. There are several types of life insurance, including term life insurance, whole life insurance, and universal life insurance. It is important to carefully consider your needs and budget when choosing a life insurance policy.
