Life Insurance

Life insurance is a contract between an insurance policyholder and an insurer, where the insurer guarantees payment of a death benefit to designated beneficiaries upon the death of the insured person. The death benefit is typically paid in the form of a lump sum or an annuity. Life insurance can be used as a financial planning tool to provide for loved ones in the event of the policyholder’s death, and may also be used to fund business continuity, pay off debts, or fund end-of-life expenses.