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Life insurance is a type of insurance policy that provides a death benefit to the beneficiary or beneficiaries named by the policyholder in the event of the policyholder's death. The policyholder pays a premium to the insurance company in exchange for this coverage.

There are two main types of life insurance policies: term life insurance and permanent life insurance.

1. Term life insurance: This type of policy provides coverage for a specified period of time, typically ranging from one to thirty years. If the policyholder dies during the term of the policy, the beneficiary receives the death benefit. If the policyholder survives the term of the policy, the coverage ends, and no death benefit is paid.

2. Permanent life insurance: This type of policy provides coverage for the policyholder's entire life, as long as the premiums are paid. Permanent life insurance policies typically have a cash value component that accumulates over time, which the policyholder can borrow against or use to pay premiums.

Life insurance policies may also include additional features, such as accelerated death benefits (which allow the policyholder to access a portion of the death benefit in the event of a terminal illness), riders (which provide additional coverage for specific risks or events), and flexible premium options.

Life insurance policies can be purchased by individuals or groups, such as through an employer or membership organization. The amount of coverage and the premium cost will depend on factors such as the policyholder's age, health, and lifestyle, as well as the type and amount of coverage requested.

Overall, life insurance provides financial protection to the policyholder's loved ones in the event of the policyholder's death, and can help cover expenses such as funeral costs, outstanding debts, and ongoing living expenses.

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