Life insurance is designed to provide financial protection to your beneficiaries in the event of your death. The coverage and benefits can vary depending on the type of life insurance policy you have. Read the full answer here.

This is the primary purpose of life insurance. In the event of the policyholder's death, the insurance company pays out a lump sum, known as the death benefit, to the designated beneficiaries. This benefit is generally tax-free. Read the full answer here.

Provides coverage for a specific term, such as 10, 20, or 30 years. If the policyholder dies during the term, the death benefit is paid out. If the policyholder survives the term, there is no payout, and the coverage typically expires. Read the full answer here.

Offers coverage for the entire lifetime of the policyholder, as long as premiums are paid. It also includes a cash value component that grows over time and can be accessed by the policyholder. Read the full answer here.

Similar to whole life insurance but offers more flexibility in premium payments and death benefits. The policyholder can adjust the death benefit and premium payments within certain limits. Read the full answer here.

Some types of life insurance policies, like whole life and universal life, have a cash value component that accumulates over time. Policyholders may borrow against or withdraw from this cash value during their lifetime. Read the full answer here.

A Rider is the mechanism in which additional features that can be added to a policy to customize coverage. Common riders include accelerated death benefit (allows access to a portion of the death benefit if the insured is diagnosed with a terminal illness), accidental death benefit, and waiver of premium (waives premium payments if the policyholder becomes disabled). Read the full answer here.

Life insurance can help cover funeral and burial expenses, which can be a significant financial burden for surviving family members. Read the full answer here.