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It is an agreement between a person and the insurance company that guarantees money or other assets to beneficiaries upon the insured person's death.

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Term: This policy provides coverage for a set time. Once the period for the policy is done, the coverage is expired as well.

Whole: This policy provides coverage for a lifetime (as long as you pay your premiums). Cash value is saved and accumulated.

Universal: This policy provides coverage for a lifetime through investment savings. Premiums in this type of life insurance varies in policy and earns based on the market.

Variable: This policy provides coverage for a lifetime, utilizing multiple, separate accounts that earn based off of things like stocks, bonds, and different types of funds.

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Premiums are payments made to buy life insurance that can be made monthly, annually, or semi-annually.
Factors:

Type of policy of life insurance

How much coverage you want

How long the policy stands

The age of the insured

Health, hobbies, credit score

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https://www.investopedia.com/terms/l/lifeinsurance.asp

https://termlife2go.com/types-of-life-insurance-policies/

https://www.investopedia.com/terms/w/wholelife.asp

https://www.investopedia.com/terms/u/universallife.asp

https://www.investopedia.com/articles/personal-finance/121914/life-insurance-policies-how-payouts-work.asp

https://www.policygenius.com/life-insurance/what-is-a-life-insurance-premium/

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Definition: Beneficiaries are the people who the money and other assets have claim upon when the insured has passed.
Payment: Beneficiaries must state their claim to the money by contacting the insurance provider and proving the insured has passed and their identity as a beneficiary.