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Life insurance is a contract where the insurance company pays a beneficiary upon the policyholder's death. Despite the inevitability of death, insurance companies can profit due to the structure of life insurance contracts, which typically fall into two categories: term life and permanent life. Term life insurance covers the insured for a specified period, usually 15 to 30 years. If the policyholder dies during this time, the policy pays out; if not, the coverage ends without a payout. This limited duration helps insurers predict payouts based on mortality models, allowing them to manage risk and ensure profitability over time, as not all policyholders will die within their term.
