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- Contract between you and an insurance companyLife insurance is a contract between you and an insurance company. In exchange for premium payments, the company pays a lump sum known as a death benefit to your beneficiaries after your death, as long as the policy is in force1234. It provides financial protection for your dependents and can cover bills, college tuition, and other expenses5.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Life insurance is a legally binding contract that promises a death benefit to the policy owner when the insured person dies. The policyholder must pay a single premium upfront or pay regular premiums over time for the life insurance policy to remain in force.www.investopedia.com/terms/l/lifeinsurance.aspLife insurance is a contract between you and an insurance company. In exchange for your premium payments, the life insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death, as long as your policy is in force. If you have permanent life insurance, there may be a cash value component, too.www.forbes.com/advisor/life-insurance/how-it-works/A life insurance policy is a contract between you and an insurance company. In exchange for regular payments, called premiums, the insurer pays out money after you die. This money goes to the people you choose as life insurance beneficiaries — usually children, a spouse or other family members.www.nerdwallet.com/a/insurance/life-insuranceLife insurance is a contract between a policyholder (yourself) and an insurance company. You agree to pay regular premiums, and in return, the insurance company promises to pay a death benefit to your chosen beneficiaries if you pass away while the policy is active. The death benefit, or face amount, is the money your beneficiaries receive.www.bankrate.com/insurance/life-insurance/life-ins…Life insurance is a planning tool that provides financial protection for your dependents. The asset provides a tax-free lump sum of money which is paid to your dependent after your death. Typically, life insurance is bought so that your dependents would be able to sustain payments for bills, college tuition or other after-life expenses.www.valuepenguin.com/life-insurance
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