Life insurance

             A life insurance policy (or life assurance, especially in the Commonwealth), is a contract between an insurance policy holder and a provider or assurer, where the insurer guarantees to pay an assigned beneficiary a sum of money (the benefit) in exchange for reduced, after the death of the covered by insurance person (often the insurance plan holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The insurance plan holder typically pays a premium, either regularly or as one lump amount. Other expenses (such as funeral expenses) can even be included in the benefits.

Your life policies are legal deals and the conditions of the contract describe the limitations of the covered events. Specific exclusions tend to be written into the agreement to limit the responsibility of the insurer; common examples are claims relating to suicide, fraud, battle, riot, and civil bataille.

Life-based contracts often land into two major categories:

Protection policies - built to provide a benefit, typically a lump sum repayment, in the event of specified event. A common form of a safety policy design is term insurance.
Investment policies - where the key objective is to facilitate the development of capital by regular or single premiums. Prevalent forms (in the Circumstance. S. ) are entire life, universal life, and variable life policies.