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Life insurance is a financial contract between an individual and an insurance company, wherein the insured pays regular premiums in exchange for a sum of money to be paid out upon the insured’s death. This payout, known as the death benefit, is intended to provide financial protection to the insured’s beneficiaries, typically family members or other designated individuals, in the event of the insured’s passing. Life insurance serves as a means to help cover expenses such as funeral costs, outstanding debts, mortgage payments, and to provide ongoing financial support for dependents after the insured’s death.