What is Life Insurance and Do I Need It?

Life insurance is a contract between the owner of the policy and the insurance company.

The owner agrees to pay premiums to the insurer on a regular basis, and in return, the insurer agrees to pay out a death benefit to the beneficiary of the life insurance policy, upon the death of the insured person, subject to the terms, conditions and exclusions stated in the life insurance policy.

You may need life insurance if you have anyone who relies on you for some means of financial support.

Learn more about what life insurance is and do you need it.