Life Insurance
Life insurance is a policy that pays out a sum of a money to a designated beneficiary upon the death of the insured person or after a set period of time. Depending on the policy purchased, payments may also be received on such occasions as terminal or critical illness. Life insurance typically falls into two categories: Protection polices – designated to provide benefit in the event of a specified event, and Investment polices – designed to facilitate the growth of capital by regular payments.
