Life insurance provides financial support to the family or beneficiaries of the insured person after their death. It is especially useful for people who are the primary earners in their families. The payout, known as a death benefit, can help cover funeral expenses, household bills, loans, and children’s education costs. There are two common types of life insurance: term life insurance and whole life insurance. Term life insurance provides coverage for a specific period, while whole life insurance offers lifelong protection along with savings benefits.