Life is a type of insurance that will pay out a fixed sum (of your choosing) if you were to pass away. 



When you take out life insurance you will need to name one or more beneficiaries to receive the insured sum. It’s common to name a spouse, child or someone who is financially dependent of you so they may maintain financial stability moving forward.

Many people also decide to get life insurance when buying a house and paying for their mortgage, even if their partner contributes to the payments.