Life Insurance 

Life Insurance

Life insurance is a sum of money to be paid to a beneficiary when the insured person dies. Life insurance is insurance that protects the family or dependents in the event of the policy holder's death. There are three main categories of life insurance: term life, universal life, and whole life insurance.

Term life insurance is the simplest and least expensive type of life insurance policy. It is life insurance with no cash value account. A term life policy has only one function which is to pay a specific lump sum to a beneficiary upon the death of the policy holder.