Meaning
Life insurance provides crucial financial security for your loved ones.Definition
It’s a contract where an insurer promises to pay a sum of money to designated beneficiaries upon the death of the insured person, in exchange for regular premium payments.How It Works
Policyholders pay premiums over a period. Should the insured pass away while the policy is active, the insurer provides a lump-sum payout to the beneficiaries, offering financial support.Key Types
Common types include Term Life Insurance and Whole Life Insurance, each offering different benefits and coverage durations.Author
