An insurance policy that pays a monetary benefit to the insured person's survivors after death. Bloomberg Financial Dictionary
————
Insurance policy valid for a limited period (term life) or throughout the insured's life (whole life) whereby an insurer undertakes to pay benefits either to the insured, if he or she is still alive when the policy terminates, or to one or more beneficiaries if the insured dies before the maturity date. NYSE Euronext Glossary
* * *
* * *
life insurance UK US noun [U] (UK also life assurance) INSURANCE
► a system in which you make regular payments to an insurance company in exchange for a fixed amount of money which will be paid to someone you have named, usually a member of your family, when you die: »
For £23 a month a man aged 30 can buy a £100,000 life insurance policy.
»a life insurance company
Financial and business terms. 2012.