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Life insurance

Life insurance is a financial product that provides a lump-sum payment to the beneficiaries of the policyholder in the event of the policyholder's death. It is designed to help provide financial support to the loved ones of the deceased and cover any outstanding debts or expenses.

Life insurance policies can be purchased from insurance companies, and they can be tailored to meet the specific needs of the policyholder. There are different types of life insurance policies, including term life insurance, whole life insurance, and universal life insurance.

Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. If the policyholder dies during the term, the beneficiaries receive a lump-sum payment. If the policyholder survives the term, the coverage expires.

Whole life insurance provides lifetime coverage and has an investment component that allows the policyholder to accumulate cash value over time. The policyholder can borrow against the cash value or use it to pay premiums.

Universal life insurance is similar to whole life insurance but offers more flexibility in premium payments and death benefits.

The cost of life insurance varies depending on several factors, such as age, health, lifestyle, and occupation. It is essential to shop around and compare policies and premiums to find the best option for your needs.Li