Life insurance is a guarantee that a sum of money is paid either on the death of the insured person or after a set amount of time. It is an agreement between an insurer and the policy holder that a designated beneficiary will receive the benefit in exchange for premium.
Life insurance products offer a contract between an insurer and the owner of the policy that guarantees payment of money to a named beneficiary when the insured person dies. It is like a promise to the owner in exchange for premiums paid by the policyholder. There are various types of policies designed to help fit the need of clients on many different levels.
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