At the same time, it also provides peace of mind to the living person.

It's this weird limbo stage when you are considered an adult, but you really aren't fluent in adult language or responsibilities yet. The average amount of parental help for the 20-somethings - roughly $250 a month - covers 29 percent of the median monthly housing costs in America's metro areas. Those in the art and design fields get the most help, an average of $3,600 a year.

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Since we live in a society, the first thought that comes to our mind is how to protect those who are dependent on us.

Life insurance is about providing protection to the dependents.

The insurance policy is a legal contract between the insurer and the insured.

However, having a life insurance policy does not mean that you will get life cover for all kinds of deaths.

These can be called by different names like Universal, Permanent or Whole Life insurance.

Term Insurance Term insurance is a kind of temporary insurance that would provide a death benefit for a certain period of time. Term insurance is not as costly as permanent insurance.

Such policies are known as term insurance policies.