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:
Life annuity plan
Medical and Health