Life insurance provides financial protection and peace of mind for loved ones by ensuring that they are financially supported in the event of the insured person's death.

2 Main Types of Life Insurance:

• Term Life Insurance: Provides coverage for a specific period, such as 10, 20, or 30 years. If the insured person dies within the term, the beneficiaries receive the death benefit. Term life insurance typically offers the highest coverage amount for the lowest initial premium.

• Whole Life Insurance: Provides coverage for the entire life of the insured person, as long as premiums are paid. It also includes a cash value component that grows over time and can be accessed by the policyholder through loans or withdrawals.