Generally speaking, people buy a life insurance policy to cover loss and damages. However, not many people realize that a life insurance policy is also a way to save money.
For many people, regular saving is simply not possible because they are not earning much and they have high expenses. However, if the same person buys a life insurance policy, he will have to pay premiums regularly. If he does pay the premium, his policy will lapse and he will be losing a lot of money (premiums he had paid previously). Therefore, in order to avoid lapse of the policy, the insured person will continuously pay the premiums until maturity.
Let say you pay $100 as a premium. It might not be possible for you to save $100 regularly, but you will surely pay a $100 premium. By paying a premium, you are also regularly saving money and upon maturity, you will get everything you have paid plus the bonus according to the insurance term.