< DICTIONARY

Life Insurance

An insurance policy that provides financial security for loved ones in the event of someone’s death by paying out a large amount of money to the policy’s surviving benefactor.

Can be bought to cover a limited period in life (also known as Term Life Insurance) or for a person’s entire life (also known as Whole Life Insurance).

Life insurance is an especially useful tool for parents to secure their children’s financial well-being in the unfortunate event of an untimely death.

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