Life insurance is a contract between an insurance company and a policyholder in which the insurer agrees to pay a sum of money to the policyholder’s beneficiaries upon the policyholder’s death. In exchange, the policyholder pays a regular premium to the insurance company.
Life insurance can provide financial security for your loved ones after you’re gone. It can help them pay for final expenses, such as funeral costs and medical bills. It can also help them replace your income and maintain their standard of living.