Parents take out life insurance on themselves “to protect theirchildren.” A husband kills his wife so he can take the insurance and makehimself rich. What’s the fuss all about? Why does insurance lead to so muchgoodness, and yet so much trouble? What is life insurance?Life insurance (also known as life assurance in the United Kingdom) is,put simply, a financial package designed to protect those who depend uponyou for monetary support. A life insurance policy is a legal contract. Within itare terms and conditions of the risks assumed. Any misrepresentation by thepolicy holder or the insured will be grounds for nullification of the insurance.