Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Life insurance provides great benefits to the family of the deceased after his/her death in form of financial/ monetary support to help them sustain their livelihood. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. It is of utmost importance to have a life/illness insurance to have a failsafe option you can fall back on in case of a life threatening disease or death of the insured. The life insurance provides monetary support to the family of the affected to help them pull through the trying times without worrying for their sustenance.