Life insurance is an insurance coverage that pays out a certain amount of money to the insured or their specified beneficiaries upon a certain event such as death of the individual who is insured. The coverage period for life insurance is usually more than a year. So this requires periodic premium payments, either monthly, quarterly or annually.

The risks that are covered by life insurance are: Premature death | Income during retirement | Illness

The main products of life insurance include:

  Whole life

  Endowment

  Term

  Investment-linked

  Life annuity plan

  Medical and Health