Life Insurance is an agreement between an insurance policy holder and an insurer or assurer, insurer promises to pay a designated beneficiary a sum of money in return for a premium, upon the death of an insured person, the policy holder. Depending on the agreement, different occasions, for example, terminal illness or critical illness can also trigger installment. The Policy holder normally pays a premium, either regularly or as one single amount. Other expenses like funeral expenses, can also be included in the benefits.