LIFE INSURANCE BASICS (Why would I or anyone want to talk about life Insurance??)

The value of life has always seemed to be up for debate by many.  Is one life more valuable than another?  In a humanitarian scope, no.  No life is more valuable than another.   And no dollar amount should equal a life.  Yet, at some time in all of our lives, we will die.  And under a strange pact with a certain insurance carriers, upon death, there is a payment issued to family members and/or estate of the deceased.  That dollar amount will be called life insurance.
Life insurance is the mean of protecting your beneficiaries and/or assets in the inevitable event of your death.  Life insurance is secured through a policy, like auto, home, even health.  The policy owner (or Insured) and said insurance company enter into an agreement where the Insurance company promises to pay a certain amount (or face value) of money when the Insured dies.  The insurance company collects money as premiums from the Insured for this policy and agreement.  The amount (or face value) of the coverage amount varies per the policy owner (or Insured) needs and their ability to pay a given amount for the premium.