Life Insurance could be a contract for payment of a sum of money to the person assured (or failing him/her, to the person entitled to receive the same) on the happening of the event insured against. Sometimes the insurance contract provides for the payment of an amount on the date of maturity or at specific dates at periodic intervals or at unfortunate death if it happens earlier. Obviously, there’s a worth to be purchased this profit. Among alternative things, the contract additionally provides for the payment of premiums by the assured.