Life insurance is a financial product that provides protection and security to your loved ones in case something unexpected happens to you. It's designed to pay out a lump sum or regular income to your beneficiaries if you pass away during the term of the policy, providing them with financial support at a difficult time.
The amount paid out is usually based on the type and level of cover chosen when taking out the insurance, as well as factors such as age, health, lifestyle and occupation. Life insurance can help to pay off debts or mortgages, provide for children's education or simply give your family a financial cushion to help them maintain their standard of living.
In summary, life insurance is a way to ensure that those who depend on you are taken care of financially in the event of your death.