Financial Glossary
Here you’ll find clear and concise explanations of key financial terms and concepts. Our goal is to help you better understand essential topics across the financial world.
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August Jepsen
August Jepsen
Life Insurance
Life insurance is a contract between an individual and an insurance company where, in exchange for regular premium payments, the insurer promises to pay a designated sum (the death benefit) to specified beneficiaries upon the insured person's death; the main types include term life (coverage for a set period), whole life (coverage for life with cash value), universal life (flexible coverage with cash value), variable life (investment-linked), and final expense insurance (for end-of-life costs).