Life Insurance is a contract between an individual and an insurance company where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Life insurance provides financial protection to the family or dependents of the insured in the event of their death, helping to cover expenses such as funeral costs, outstanding debts, and living expenses.
There are different types of life insurance policies that cater to various financial needs, with distinct features, coverage options, and costs.