Life insurance is a financial contract between an individual and an insurance company that provides a safety net for loved ones in the event of the policyholder’s death. The policyholder pays regular premiums, and in exchange, the insurance company offers a payout, known as the death benefit, to beneficiaries designated by the policyholder. This payout helps beneficiaries cover financial obligations, such as mortgages, debts, education expenses, and daily living costs, in the absence of the insured person. There are various types of life insurance policies, including term life, whole life, and universal life, each with unique features and benefits. Life insurance offers peace of mind by ensuring financial protection for dependents and loved ones, helping them maintain their quality of life during a difficult time.