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Such person's would be your wife or your children or possibly some other relative or close friend.
There are many types of life insurance that are available to you and the type that is right for you depends on your particular circumstances and your reason for getting insurance.
If you are looking for the cheapest type of insurance for a given amount of coverage, you would want term insurance.
Term life lasts for a specific number of years.
The most common terms are 5 years, 10 years, 15 years, 20 years, 25 years and 30 years.
The premium rate remains the same throughout the term of the policy.
Whole Life insurance offers protection for your whole life.
It doesn't expire.
Whole Life also offers a savings component to the policy.
The savings component is called the "cash value" of the policy and grows over time on a tax deferred basis.
The payment is higher than for a term policy, some of which goes towards investment and accounts for the cash value of the policy.
Universal Life insurance is usually marketed these days be lower cost than Whole Life with a guaranteed insurance premium that will last to age 100 or longer.
Unlike Whole Life there is little or no cash value with Universal Life.
Variable Life is similar to Whole Life or Universal Life except that you money is invested in the stock market rather than invested by the insurance company.
This means that you, the policy holder, are entirely responsible for the investment results.
It also means that if the stock market doesn't perform up to certain levels you could see the cash value of your insurance diminish to zero, possibly resulting in the termination of the insurance policy.
Term life is quite simple to understand as there is no cash value or investment component to it, the payment amount remains the same for the term and it lasts for an exact, pre-determined length of time.
For other types of insurance it is best to speak with a broker for advice on which best fits your needs.
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