A life insurance premium is the price you pay to keep your life insurance policy active; it’s kind of like a membership fee, but instead of getting access to a gym or streaming service, you're giving your loved one's financial protection.

Think of it this way: you’re not just paying for “insurance”; you’re paying for peace of mind. And hey, peace of mind doesn’t come free-just ask anyone who’s tried to sleep on a lumpy mattress!

You can usually pay your premium monthly, annually, or sometimes as a one-time payment. The exact amount depends on factors like your age, health, and coverage amount.