Life Insurance definition: Life insurance is a sum of money to be paid to beneficiaries when the insured person dies. Life insurance is insurance that protects families, dependents, or business partners in the event of the policyholder's death. Life insurance provides security to cover many needs. The most common individual needs covered with life insurance are:

• Mortgage protection
• College funding
• Income continuation
• Final expenses
• Estate planning
• Supplemental retirement planning
• Intergenerational planning
• Pension maximization