What you know about life insurance?

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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.
There are different types of life insurance policies such as term life, whole life, and universal life.
Premiums for life insurance policies are based on factors such as age, health, and lifestyle habits.
Life insurance can also be used as an investment tool, with some policies offering cash value accumulation.
Life insurance policies can be purchased individually or through an employer-sponsored group plan.

What you know about life insurance?

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