The only certainty of  one's life is its end.  Life Insurance policy assures that your loved ones can grieve without financial worries and move on with life. 

There are several different types of life insurance policies.  All pay a lump sum to the beneficiaries upon one's death.  When you buy life insurance, you want a policy which fits your needs without costing you too much. 

First step is to decide how much coverage you need, how much you can afford and what kind of policy you want.  Its important to start by understanding the differences in life insurance policies that are available. 

Life insurance can be bought on an individual basis or  on a group basis.  Group insurance may be inexpensive when compared to individual insurance and normally ends when your employment is terminated. 

It is important to remember that insurance purchased on the basis of term life insurance, hence will not develop cash values and are less expensive. 

Term Life policies last a predetermined number of years.  Whole Life and Universal Life policies have a cash value that develops over time. These polices last the entire duration of the insured life and have higher premiums.