How does life insurance work? I need to know how life insurance and term life insurance works. Like if the person dies does it only cover burial or does it fully pay out everything? I know your all gonna say like Who are you going to kill? "" but no my Dad is around 69 years old and wants a lot of stuff built after he dies. A family cemetery/mausoleum also a chapel for his religion either Christian or Yahweh and also to pay off the land we live on and want to keep. So a lot of stuff. So please explain it clearly also I know it takes time for the cash value of a life insurance policy to build up so for a 1 million dollar life insurance would take a few years."""