Life insurance is a contract between you and an insurance company that provides financial security for your loved ones in the event of your death. By paying regular premiums, you ensure that a designated beneficiary receives a lump sum payout, known as a death benefit, after you pass away. This money can help cover funeral costs, pay off debts, replace lost income, or secure your family’s future.

There are two main types of life insurance: term and whole life. Term life insurance provides coverage for a set period, such as 10, 20, or 30 years, and tends to be more affordable. Whole life insurance, on the other hand, covers you for your entire lifetime and includes a savings component that can grow over time.

Choosing life insurance is a crucial decision for protecting your family's financial well-being, offering peace of mind and long-term security.