Life insurance is a promise that if something happens to you, your loved ones won't have to worry about paying big bills or debts. It's a way to leave money to your loved ones if you pass away. It's an agreement between you and a life insurance company where you pay them and they provide you with coverage. Think of it like a subscription. 

Terms to know:

• Insured – This refers to the person(s) (or sometimes an organization or entity)
  that an insurance policy provides coverage for. For example, if you have an auto insurance policy, you are considered to be the insured in that contract.

• Beneficiary – A beneficiary is a person who is designated as the recipient of payment of a life insurance benefit.

• Premium – This is the amount of money you, the insured, pay to an insurance
  company in exchange for coverage. Depending on the policy, your premium can be paid in different ways, such as monthly payments or a single upfront payment. Don’t forget that the higher the premium, the higher your coverage.

• Death Benefit – A death benefit is a sum of money paid out to the beneficiary or beneficiaries of a life insurance policy. A death benefit is the primary purpose of buying life insurance coverage.