What is life insurance and why do i need it

Life insurance is a legal agreement between an insured and an insurance company, stating that a said amount of money will be paid to the insured or the beneficiaries at the end of its term or upon the death of the insured. Apart from being the provider of financial security in the event of death of the insured or his/her inability to earn due to physical disabilities, it can also be an effective tool to create wealth. With a life insurance policy, you can save for your old age, fund your child’s education, save taxes and so on.