Describe about life insurance?

Question

Accepted Answer

Life insurance is a financial product that provides a lump sum payment to beneficiaries upon the insured's death.

Life insurance provides financial protection for loved ones in the event of the insured's death.
Premiums are paid regularly to maintain coverage.
There are different types of life insurance policies such as term life, whole life, and universal life.
The payout from a life insurance policy can be used to cover funeral expenses, pay off debts, or provide income for dependents.
Life insurance can also be used as an investment vehicle, with some policies offering cash value accumulation.
Life insurance is important for individuals with dependents or financial obligations.
Example: A term life insurance policy may provide coverage for a specific period of time, such as 20 years.
Example: Whole life insurance offers coverage for the insured's entire life and includes a cash value component.

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