A life insurance policy is a contract with an insurance company that will provide the client a death benefit in exchange for premium payments. If the client passes away while the policy is active, the insurance company will provide a lump sum payment to the client's beneficiaries.

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There are two main types of life insurance, Whole Life and Term Life insurance. Whole life is a permanent policy that will last for a clients entire life. They typically cost more in the beginning but can potentially save clients more money in the long run. It can take up to 15 years to build any sort of monetary value with the policy so it is not usually recommended for older age groups.

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Term life insurance is different in that it is only active for a set amount of time, which will be decided by the client. It will only pay out the death benefit if the policy is still active. This type of policy is typically recommended for older age groups as it builds value in the short run and is more forgiving in terms of medical history. 

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When searching for a life insurance policy it is very important to consider which policy will offer you the best benefit given your life circumstances. 

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