A legal contract in which a company providing the insurance will pay an amount of money to the designated beneficiary upon the death of the policy holder in exchange for scheduled periodic fees (usually monthly) known as insurance premiums. The purpose of life insurance is to support the survivors of the policy holder, such as a spouse and children, especially in the event of an untimely death. Insurance proceeds pass to the beneficiaries upon the death of the policy holder without going through probate although they are included in federal estate taxes. Many companies offer group life insurance plans to their employees.