Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries when the insured dies. THE INSURANCE COMPANY PROMISES A DEATH BENEFIT in exchange for premiums paid by the policyholder. 

 Life insurance provides financial support to surviving dependents or other beneficiaries after the death of an insured SO I SHOULD HAVE IT!!!  

  The DEATH BENEFIT or face value is THE AMOUNT OF MONEY THE INSURANCE GUARANTEES TO THE BENEFICIARIES when the insured dies. The insured might be a parent, and the beneficiaries might be their children, for example. The insured will choose the desired death benefit amount based on the beneficiaries’ estimated future needs. The insurance company will determine whether there is an on and if the proposed insured qualifies for the coverage based on the company’s UNDERWRITING requirements related to age, health, and any HAZARDOUS ACTIVITIES in which the proposed insured participates