There is a wide variety of life insurance types in the market today so before you take the plunge, you need to have better understanding of what life insurance is really all about.
When you get a life insurance, it means you will have a contract with the insurance company that you choose. You will agree to pay depending on the policy that you prefer and the insurance company in return agrees to pay a certain amount to your beneficiary/s upon your death. There are different purposes of life insurance but most commonly, people get life insurance to provide financial protection to the people they will leave behind in case they die. The three major categories of life insurance are term life insurance, whole life insurance, and universal life insurance. Whatever life insurance you choose, make sure that you go through the right process before buying.