Discuss the primary reasons for buying life insurance? Distinguish between term life insurance and cash-value life insurance. What are the benefits of each?

Primary reasons for insurance of life:
Life insurance is a major aspect for each individual life. There are various reasons due to which persons buy life insurance which are as below:
· Life insurance help the predecessors of insured person in form of monetary security if the insured person passed away.
· It helps to keeping the promises and meeting the responsibilities.
· Life insurance is an also expression of love and caring.
· It helps to buy time and options if something unexpected occurs.
· It also helps to build cash over a period of time and is also used as a diversified investment tool (New York life).
Difference between cash- value and term insurance and their...