Life insurance is a contract with an insurance company. In exchange for the premiums the insurance company the lump sum as a reward to your beneficiaries upon the loss of your life.
Your beneficiaries can use the money for any purpose they choose. It is usually used to pay day-to-day expenses, to pay off a mortgage or to the cost of putting a student to attend university. The safety assurance of life insurance can allow your family to remain at home and pay for all the things you’ve imagined.
The two types of life insurance: temporary or permanent. Permanent life insurance such as Whole Life Insurance also known as universal insurance can provide insurance for the entire term of the policy. Alternatively, term insurance is able to provide protection for a particular time.