Life Insurance MK 2023 for PC

Life insurance is a financial product that provides a lump-sum payment, known as a death benefit, to beneficiaries upon the death of the insured person. This type of insurance is designed to provide financial protection for the policyholder's loved ones in the event of their death. Here are some key points about life insurance:

Types of Life Insurance:

Term Life Insurance: Provides coverage for a specified term, such as 10, 20, or 30 years. If the insured person dies during the term, the death benefit is paid out to the beneficiaries. If the term expires and the person is still alive, there is no payout.
Whole Life Insurance: Offers coverage for the entire lifetime of the insured. In addition to the death benefit, whole life insurance policies also accumulate a cash value over time, which can be withdrawn or borrowed against.
Death Benefit: The amount of money paid to the beneficiaries upon the death of the insured. The policyholder chooses the amount of coverage when purchasing the policy.