What Is Life Insurance?
Life insurance is a financial product that provides a payout, known as the death benefit, to the beneficiaries of the insured person upon their death. It helps protect loved ones by providing financial support for expenses like funeral costs, debts, and living expenses. Premiums are paid regularly, and the amount depends on factors like age, health, and coverage. Life insurance may offer tax benefits, and additional features and Rider policies can be added to Life Insurance policiesfor an extra cost.