A majority of individuals insure homes, vehicles, phones, and other property they own. It benefits them because if anything were to happen, they would be rightfully compensated by their insurance providers. There is another type of insurance that people do not benefit from directly. An individual takes it to protect the people they love if they are no longer alive to look after them. It is known as life insurance, and people take it as a means of protection against financial loss that would come about because of the premature death of the policy holder. The person whose name appears as a beneficiary receives all the proceeds giving them a financial safety net that helps them to cope financially in an otherwise difficult moment.Read on to uncover more details about this type of insurance.