Which type of insurance is designed primarily for those looking to protect their family in the event of their death?

Life insurance is specifically designed to provide financial support to an individual's beneficiaries in the event of their death. This type of insurance ensures that the policyholder’s loved ones can maintain their standard of living, pay off debts, or cover expenses such as education and mortgage payments after the policyholder passes away.

By paying regular premiums, the insured secures a death benefit that is paid out to designated beneficiaries, which serves as a financial safety net during a difficult time. This characteristic distinguishes life insurance from other types of insurance, which serve different functions. For instance, health insurance covers medical expenses during the policyholder's life, disability insurance provides income support if an individual becomes unable to work due to a disability, and homeowner’s insurance protects physical property against damages or loss.