What is Life Insurance?
Life insurance (assurance) is an agreement between the policy holder and insurer which entilities the policy holders beneficiaries to receive a one time cash sum.
People commonly take out life insurance to provide for ones loved ones, covering an outstanding mortgage payment or as an investment tool.
As with most insurance policies, life insurance pays a beneficiary (or Beneficiaries) if an insurance event occurs which is covered by the policy. These events are typically death, terminal illness, critical illness or completion of the policy period.
