The term "life insurer" refers to a company that provides life insurance policies and annuities to its customers. Life insurance is a financial product that pays out a sum of money to designated beneficiaries in the event of the policyholder's death, while an annuity is a contract between an individual and an insurance company that guarantees regular payments for a specified period or for life. In exchange for premium payments from customers, life insurers assume the risk of providing financial protection to their clients in case of unforeseen events such as death, disability, or critical illness.