Life Insurance

It provides a lump sum payment, known as the death benefit, to the designated beneficiaries upon the death of the insured person. The purpose of life insurance is to offer financial protection and support to the policyholder’s loved ones in the event of their passing, helping to cover expenses such as funeral costs, outstanding debts, mortgage payments, education expenses, and income replacement. Life insurance policies come in various forms, including term life insurance, whole life insurance, universal life insurance, and variable life insurance, each offering different features and benefits to meet individuals’ specific needs.