Today we are living in a society that is full of risks. You never know what kind of risk you might be in the next minute. As for the general health there are many kinds of new disease that are afflicting the population. That is exactly why you should keep yourself safe and get a life insurance.
A life insurance is a system where you pay a minimum premium and later on in case there is a major spending on any risk to your life; you would be paid the amount by the insurance company.
There are certain basic terms of an insurance that you would have to understand. Insured is the person whose life is being covered by the insurance policy. The face amount is the amount that will be paid when a claim is made. Beneficiary is the person who gets the money. Let us say the insured person is to die, it is the beneficiary that gets the amount of money.