Life insurance is a type of insurance policy that provides financial protection for an individual’s loved ones in the event of their death.

This type of insurance typically pays out a lump sum of money to the designated beneficiaries upon the policyholder’s death. The beneficiaries can use the funds to cover expenses such as funeral costs, outstanding debts, or ongoing living expenses.

There are several types of life insurance policies available, including term life insurance, which provides coverage for a set period of time, and whole life insurance, which provides coverage for the policyholder’s entire life and may also accrue cash value over time.

The cost of life insurance can vary depending on factors such as the policyholder’s age, health, and lifestyle, as well as the level of coverage desired. Life insurance is an important form of financial protection for individuals who want to ensure that their loved ones are provided for in the event of their death.