What is a life insurance policy?

It's a contract between the insurance carrier and the owner of the life insurance policy.

How does a life insurance policy work?

The owner of the life insurance policy agrees to pay the insurer a premium each year for the insurance coverage. In return, the insurer agrees to pay a death benefit to the person chosen as beneficiary of the policy, upon the death of the person who is insured by the life insurance policy.

Learn more about how life insurance policies work