There are a lot of risks in life such as accidents, disease, etc. Life insurance is a financial tool that protects you or your family financially by providing necessary funds to manage such situations. Actually, life insurance is more than just financial compensation during difficult times, it is also something that provides you with peace of mind as you do not have to worry about managing finances when your life is at risk. It provides security net for you and your loved ones. While term life provides coverage for you and you can even get insured amount after maturity, whole life provides financial support to your family.