Life insurance represents an agreement or arrangement entered into with a life insurance company, which can remain in effect either throughout your lifetime or for a designated duration. This arrangement assures that your chosen recipients will receive a tax-exempt monetary payout, referred to as the death benefit, upon your passing. The precise sum they receive hinges on the extent of insurance coverage you acquire and the specific policy you opt for. It's crucial to understand that the assurance of the death benefit is contingent upon your consistent payment of the necessary premiums and compliance with all policy stipulations.