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A life insurance contract is entered into between the policy owner and the insurer. The insurer agrees to pay a sum of money upon the death the insured or other event, such as terminal illness or critical illness. The policy owner on his/her part agrees to pay a premium which is a stipulated amount at regular intervals or in a lump sum.

In simple terms, life insurance is a contract under which the insurer pays a benefit to designated beneficiaries on the occurrence of an insured event which is covered by the policy. The contract is between the insurer and the policy owner.

It provides protection against financial losses suffered as a result of death. The insurance company promises to pay a specified amount of money to the beneficiary on the death of the insured subject to timely payment of premiums.

Should you get life insurance?

You have the ability to earn income. This is a significant asset. In the event of premature death, this policy can help replace lost income. In the event of your premature death, life insurance can cover a family's two biggest expenses -- mortgages and children's education. One can also use one's policy for own benefit as collateral for a loan.

Term insurance and permanent insurance are the two general categories of life insurance.

Term life is insurance for a specified term. The beneficiary will be paid the benefit only if the insured dies within the specified term. You can get lifelong protection with permanent insurance. Accumulation of cash value is a key feature of permanent insurance.

Your unique circumstances and financial goals should be taken into consideration while choosing a policy. And, like everything else, if you want the best deal, you'd have to shop extensively.

Quotes sites make the whole process very easy. Fill a form, obtain and compare quotes from a range of insurers. If done right, this could easily save you a lot of cash.