Life insurance policies last till the end of the policy term chosen by you at the time of purchase or till a claim is paid as per the terms and conditions of the policy.
Life insurance is a payment made to your family in case of your death during the policy term or a payment made to you on surviving the policy term. In return for this payment, you make periodic fixed payments to the life insurance company.
Yes, life insurance policy is necessary for the financial well-being of your loved ones in your absence.