Life insurance is sometimes also known as life assurance. When you take out a life insurance policy, you agree to pay a small fee to the insurer each month - often the fee will depend on factors such as:
- your age
- pre-existing medical conditons
- family medical history
- general health
- whether you are a smoker
- how much alcohol you drink
- whether you take regular exercise or not
- the type of job you do

If anything untoward should happen to you and you die, your named beneficiary will receive a pre-agreed sum of money. The payment is meant to protect loved ones against economic loss should the insured die.

The life insurance protection is afforded by the companies because there is a set lifetime of the product. By spreading the risk of financial loss over a large group of people, the risk of losing money is small.

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