Life Insurance

Life insurance or life assurance is a contract between the policy owner and the insurer, the insurer agrees to pay a lump-sum of money at the insured's death. In return, the policy owner agrees to pay a stipulated amount called a premium. A benefit is paid to the designated Beneficiaries should the insured pass away.

• Term
• Whole Life
• Universal Life

Life insurance may be divided into two basic classes – temporary (term) and permanent (Whole Life and Universal Life).