Life insurance is a financial product that provides a lump-sum payment, known as a death benefit, to designated beneficiaries upon the policyholder’s death. It’s designed to offer financial protection and peace of mind, helping loved ones cover expenses like funeral costs, mortgage payments, debts, or future living needs. There are different types of life insurance—such as term life, which covers a specific period, and whole life, which offers lifelong coverage and may build cash value over time—allowing individuals to choose a plan that best fits their financial goals and family needs.