Life Insurance is a financial product that provides a safety net for your loved ones by offering a lump-sum payment, known as a death benefit, to designated beneficiaries in the event of the policyholder's passing. It serves as a tool for financial security, helping to cover living expenses, debts, education, or other financial goals in the absence of the insured. Life insurance policies come in various forms, such as term insurance (coverage for a specific period), whole life insurance (lifetime coverage), and endowment plans (combining insurance with savings). Premiums depend on factors like age, health, coverage amount, and policy type, making it a crucial part of long-term financial planning.