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What is life insurance?

Simply put, life insurance is a legal contract between a policy holder and an insurance company, where the company agrees to pay out a stated amount to a beneficiary in the event of the policy holder’s death.


A life insurance contract outlines how much money the insurance company will pay out to your loved ones upon your death, how much you will pay each month as a premium, and the period of time the insurance policy will cover you. The more years you want the insurance to cover you and the more money your loved ones get, the higher your premiums will be.


Life insurance comes in varying forms including whole life and term life.