I don't call it "Life Insurance", I call it "Love Insurance". We Buy it because we want to leave a legacy for those we love.

A life insurance policy is an agreement between an insurance company and a policyholder that offers financial coverage under which the insurance company guarantees to pay a certain amount to the nominated beneficiary on the unfortunate event of the insured person’s demise during the term of life insurance plans. In exchange, the policyholder agrees to pay a predefined amount of money as premium either on a regular basis or as a single premium.
If covered by the policy, coverage will be provided for critical illness as well.

Life Insurance is defined as a contract between the policy holder and the insurance company, where the life insurance company pays a specific sum to the insured individual's family upon his death.
Since, it provides enhanced insurance coverage, it attracts an enhanced life insurance premium.