Life insurance is an agreement with an insurer. In exchange for the premiums, you pay the insurer will provide a lump sum as a death reward to your beneficiaries following your loss of life.
Your beneficiaries can utilize the funds for any purpose they want. It is often used to pay daily bills, payday a mortgage, or pay for an individual student through college. The safety cover of life insurance will help your family remain in their home and afford those things that you had thought of.
There are two kinds of life insurance either permanent or term. Permanent life insurance like Whole Life Insurance also known as universal insurance could offer coverage for the entire life of the policy, while term insurance can provide insurance for a specific period.