A contract for life insurance is made between the keeper of the policy and the life insurance provider. On the basis of the premiums paid by the policyholder during their policy tenure, a life insurance policy assures that the insurer will pay a certain amount to designated beneficiaries when the insured passes away. The life insurance application must properly detail all of the insured’s past, current, and high-risk behaviours in order for the contract to be enforceable. There are principally two kinds of life insurance:

Permanent Life Insurance

Term life insurance