# 7 

## 7.1 Life Insurance

1.   Calculate life insurance premiums
2.   Calculate the net cost of life insurance
3.   Calculate the cash and loan values of a life insurance policy

-   **Life insurance** is a way of protecting your family from financial hardship when you die.
    -   **The insured:** the person whose life is covered
    -   **The insurer:** the insurance company
    -   **The contract:** states the amount of insurance to be paid upon the death of the insured, or the death benefits of the policy. 
-   **Beneficiary s:**
    When the insured dies, death benefits are paid to the beneficiary. The beneficiary is the person named in the policy to receive the death benefits.
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