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  Life Insurance

Life Insurance is a contract between the policy holder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person.

The value for the policy owner is the 'peace of mind' in knowing that the death of the insured person will not result in financial hardship.

Life-based contracts tend to fall into two major categories:

  • Protection policies – designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.

  • Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US) are whole life, universal life and variable life policies.
 
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