Buying this means your loved ones can get money when you die. You may be able to choose the benefit amount. A premium must be paid to keep this policy active every year. You also choose a beneficiary. This is person you would like the money to go to after your death. Employers may offer this as a benefit to their workers. You can also buy it on your own. There are many kinds of life insurance: term life, whole life, group universal life and others.