Life Insurance is a financial product that provides a payout to designated beneficiaries upon the death of the insured person. It is designed to offer financial security and peace of mind, ensuring that loved ones are taken care of in the event of an unexpected loss. The policyholder pays regular premiums, and in return, the insurance company promises to pay a specified amount when the insured passes away. There are different types of Life Insurance, including term life and whole life policies. Term life insurance covers the insured for a specific period, while whole life insurance provides coverage for the entire lifetime of the insured. Choosing the right type depends on individual needs and financial goals.