Life insurance is a contract in which a policyholder pays regular premiums in exchange for a lump-sum death benefit paid to the policyholder's beneficiaries. The lump-sum benefit is paid when the policyholder either passes away or a specific amount of time has passed. Life insurance policies can provide financial security by replacing lost income and covering expenses.
As everyone's situation is different, you'll need to make your own choice as to which product works best for you. However, in general these groups of people choose: