Life insurance is very important to any individual, and do you know you can get your life insured as investment in case something bad happens to you? But before anything let's learn about life insurance.

WHAT IS LIFE INSURANCE?
According to Wikipedia, 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).

Now, other factors that may trigger payment include events such as terminal illness or critical illness, but this depends on the contract. The policy holder typically pays a premium, either regularly or as one lump sum.

TYPES OF LIFE INSURANCE
It is very important to understand the types of life insurance there is, and there are mostly two main types:

1. Term life insurance: This is a type of life insurance that is limited to a time period, let's take for instance 10, 20 or even more, and doesn’t build cash value. The only way for the beneficiaries to receive the payout is if the insured person dies within the term.

2. Permanent life insurance: This type of life insurance usually costs more than term but offers additional features like cash value that you can borrow against, which grows over time.
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Source:
https://www.hownaija.com.ng/2020/09/how-to-find-life-insurance-quote-online.html