Life insurance is a type of first-party insurance, meaning it protects an insured’s personal interest in a life, the insured’s own or someone else’s. In this lesson, we’ll look at some of life insurance’s unique features.

I. Forms of Life Insurance

Life-insurance policies either last a set period of time or last the insured’s entire life.

Term life insurance covers only a set time period, such as one year or 10 years. A term policy guarantees the insured a set amount of death benefits during the...