<s>[INST] What is life insurance? [/INST] Life insurance is a contract between an individual and an insurance company in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. In exchange for regular premium payments, the insurance company agrees to pay a lump-sum amount to the beneficiaries upon the death of the insured person. This death benefit can be used to pay for funeral expenses, outstanding debts, and provide financial support for the deceased's family.

There are different types of life insurance policies, including term life insurance, whole life insurance, and universal life insurance. Term life insurance provides coverage for a specific period, usually 10-30 years, and pays out the death benefit if the insured dies within that time frame. Whole life insurance covers the insured for their entire life and includes a cash value component that grows over time. Universal life insurance is similar to whole life insurance but allows more flexibility in terms of premium payments and death benefit amounts.

Life insurance is an important financial planning tool for anyone who has dependents or wants to ensure that their loved ones are taken care of in the event of their untimely death.</s>\ <s>[INST] Are life insurance companies for-profit? [/INST] Yes, most life insurance companies are for-profit corporations, which means they operate to make a profit for their shareholders. However, they also have a fiduciary responsibility to act in the best interest of their policyholders and pay out valid claims. It is important for consumers to do their research and choose a reputable life insurance company that is financially stable and has a good track record of paying claims.</s>