Life insurance is a promise between an insurance company and you. Paying a certain amount of money for your premiums to the insurance company and in return, the insurance company will pay a certain amount of money called the death benefit to your beneficiary when the person whose life is being insured dies.
There are many types of life insurance today. One of them is the Term Insurance in which provides a death benefit for a limited period of time. Another Life Insurance product is the Permanent Insurance in which provides a death benefit and the potential to build a policy cash value that you can access during your lifetime using policy loans and withdrawals.