Life Insurance

It offers a lump sum payment, known as a death benefit, to beneficiaries named by the policyholder upon their passing. This benefit can help cover various expenses such as funeral costs, mortgage payments, outstanding debts, and ongoing living expenses. Life insurance policies typically come in several forms, including term life insurance, which provides coverage for a specified period, and permanent life insurance, which offers coverage for the policyholder’s entire life and often includes a cash value component that grows over time.