Life insurance is a contract between an insurance policy holder and an insurer, where the insurer agrees to pay a designated beneficiary a sum of money (the "death benefit") upon the death of the insured person. The insurance policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits. In return, the insurance company promises to pay out the death benefit to the designated beneficiary upon the death of the insured person. Life insurance can provide financial security and peace of mind to the policy holder and their family.