According to The Statistics Portal, the number of annual purchases of life insurance coverage in the past ten years has been on the decline, falling from 30.79 million to 28.04 million. One of the reasons why many people shy away from getting life insurance is because they are not aware of the benefits they stand to gain from it.
A life insurance policy is coverage purchased from an insurer which states that an insured person must make premium payments to the insurer for a specified period, and in return, the insurer pays back a lump sum known as benefits.