What is Life Insurance

For those who would need an understanding on what is life insurance, this small explanation can enlighten them and provide them with the answer that may help them to understand in the simplest way. Life insurance is a legal agreement which is agreed upon by the individual and the insurance company, wherein the individual agrees to pay a certain amount to the insurance company and the insurance company in turn agrees to pay an amount of money in case of death of the individual. The said policy should be in force at the time of death of the individual.