What is life insurance? Life insurance is a contract that exists between the policyholder (the insured) and the insurer (the insurance company). A policyholder pays a specified amount over a certain period of time to the insurance company in exchange for ensuring that a beneficiary is paid at the time the policyholder dies. This can include spouses and life partners as well as children. Insurance policies are purchased to support dependents financially in the event the policyholder becomes unable to do so. There are different types of life insurance policies,…
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