Life insurance is a promise by an insurance company to pay those who depend on you a sum of money upon your death.  In return, you make periodic payments called premiums.  Premiums can be based on factors such as age, gender, medical history and the dollar amount of the life insurance you purchase.  In the event of your passing, life insurance provides money directly to the individuals you select, your beneficiaries, who can use the money as they see fit, including:
Replacing lost income
Covering basic living expenses
Paying household debts, estate taxes and funeral expenses
Funding a child’s education
Supplementing retirement savings