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Insurance that guarantees a specific sum of money to a designated beneficiary upon the death of the insured or to the insured if he or she lives beyond a certain age.

A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.

Investopedia Says: The goal of life insurance is to provide a measure of financial security for your family after you die. So, before purchasing a life insurance policy, you should consider your financial situation and the standard of living you want to maintain for your dependents or survivors. For example, who will be responsible for your funeral costs and final medical bills? Would your family have to relocate? Will there be adequate funds for future or ongoing expenses such as daycare, mortgage payments and college? It is prudent to re-evaluate your life insurance policies annually or when you experience a major life event like marriage, divorce, the birth or adoption of a child, or purchase of a major item such as a house or business.

Insurance policy that pays a death benefit to beneficiaries if the insured dies. In return for this protection, the insured pays a premium, usually on an annual basis. Term insurance pays off upon the insured's death but provides no buildup of cash value in the policy. Term premiums are cheaper than premiums for cash value policies such as whole life, variable life, and universal life, which pay death benefits and also provide for the buildup of cash values in the policy. The cash builds up tax-deferred in the policy and is invested in stocks, bonds, real estate, and other investments. Policyholders can take out loans against their policies, which reduce the death benefit if they are not repaid. Some life insurance provides benefits to policyholders while they are still living, including income payments. See also Single Premium Life Insurance.

In general, life insurance is a type of coverage that pays benefits upon a person's death or disability. In exchange for relatively small premiums paid in the present, the policy holder receives the assurance that a larger amount of money will be available in the future to help his or her beneficiaries pay debts and funeral expenses. Some forms of life insurance can also be used as a tax-deferred investment to provide funds during a person's lifetime for retirement or everyday living expenses.

A small business might provide life insurance to its workers as a tax-deductible employee benefit—like health insurance and retirement programs—in order to compete with larger companies in attracting and retaining qualified employees. In addition, there are a number of specialized life insurance plans that allow small business owners to reduce the impact of estate taxes on their heirs and protect their businesses against the loss of a key employee, partner, or stockholder. Group life insurance is generally inexpensive and is often packaged with health insurance for a small additional fee. Companies that provide life insurance for their employees can deduct the cost of the policies for tax purposes, except when the company itself is named as the beneficiary.

Life insurance is important for individuals as well, particularly those who—like many entrepreneurs—are not covered by a company's group plan. Experts recommend that every adult purchase a minimum amount of life insurance, at least enough to cover their debts and burial expenses so that these costs do not fall upon their family members. The insurance industry uses a standard of five times annual income in estimating how much coverage an individual should purchase. In her book Health Insurance: A Guide for Artists, Consultants, Entrepreneurs, and Other Self-Employed, Lenore Janecek claims that entrepreneurs should determine the minimum amount of coverage they need by calculating how much they spend annually and how much debt they have, then adding the cost of funeral arrangements and, if applicable, college tuition for children.

The cost of life insurance policies depends upon the type of policy, the age and gender of the applicant, and the presence or absence of dangerous life-style habits. Insurance company actuaries use these statistics to determine an individual's mortality rate, or estimated number of years that person can be expected to live. Policies for women usually cost less than those for men, because women tend to live longer on average. This means that the insurance company will receive premiums and earn interest on them longer before it has to make a payment. Experts recommend that companies or individuals seeking life insurance coverage choose an insurance agent with a rating of A or better, and compare the costs of various options before settling on a policy.

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