Life Insurance is a type of group life insurance that is typically offered through your Employer. Life insurance provides long-term financial security for your individual needs and your family by replacing lost income and covering expenses.
Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment.
The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.