Life insurance is a financial product that provides a payout to beneficiaries upon the death of the insured person. It is designed to offer financial security and support to loved ones, helping them cover expenses such as mortgage payments, education costs, and daily living expenses. There are different types of life insurance, including term life insurance, which lasts for a specific period, and whole life insurance, which provides coverage for the insured's entire life. People typically purchase life insurance to ensure their family is financially protected in case of an unexpected loss.