Life insurance is a long-term contract with an insurance company that provides a death benefit to beneficiaries upon the contract holder's death when sufficient premiums are paid to the insurance company. In return, periodic premiums are paid to the insurance company. It can also be used as a means of income by the cash value feature of some types of policies.
The life insurance policy's death benefit can fund dependents' needs for a long time. When buying life insurance, you need to decide how much you need, how long you need it, and what you can afford to pay.