what is life insurance

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Accepted Answer

Life insurance is a contract between an insurer and a policyholder, where the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.

Life insurance provides financial protection to the family of the insured in case of their untimely death.
The policyholder pays a premium to the insurer in exchange for the death benefit.
There are different types of life insurance policies, such as term life, whole life, and universal life.
Life insurance can also be used as an investment tool, with some policies offering cash value accumulation.
Life insurance policies can be customized to meet the specific needs of the policyholder and their beneficiaries.

what is life insurance

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