Life Insurance is a financial protection tool that provides monetary benefits to the policyholder’s family or nominated beneficiaries in the event of the policyholder's death. It ensures financial security by offering a lump-sum payment, called the death benefit, which can be used to meet living expenses, repay debts, fund education, or fulfill future goals. There are various types of life insurance, such as Term Insurance (pure protection for a specified period), Whole Life Insurance (coverage for the insured’s lifetime), and Endowment Plans (combining insurance with savings). Premiums are determined based on factors like age, health, coverage amount, and policy duration. Life insurance offers peace of mind and is a cornerstone of long-term financial planning.