Life insurance is an agreement whereby one event insures a person versus loss by the death of one more. An insurance coverage on life is a contract by which the insurance company (the insurer) for a stipulated sum, involves to pay a particular quantity of money if another dies within the time limited by the policy. The repayment of the insurance loan pivots after the death and also in its broader feeling, life insurance policy includes mishap insurance policy, considering that life is insured under either agreement.