Life insurance is a contract between the policyholder and the insurer, the insurer agrees to pay to a designated beneficiary a sum of money if the insured dies. Depending on the contract, other events such as terminal illness or critical illness can also trigger the payment. In return, the policyholder agrees to pay a stipulated amount at regular intervals or in lump sums. In some countries, the costs of death and funerals are included in the premium, however, in the United States the predominant form simply specifies a lump sum payable on death of the insured. Each life insurance policy will come with a length of time deposits. This can be specified by the policy holder to apply for life insurance. The term of the policy specifies how long. For example if you take on a life insurance policy with a term of 15 years, the policy will only win if you were to die within 15 years of taking the policy. The amount paid increases with the likelihood of death within the term – age, health, being a smoker, having a risky occupation, can increase the price. So 98 year old, tobacco chewing racing drivers who like to go cageless shark diving, may struggle to get a good deal, even after reading this. Life insurance helps provide peace of mind and can provide your family with financial stability and security when it matters most. In getting life insurance it is best to consider life quotes. Having them in consideration, you will be able to have the best policy you and your family will have.