A contract that provides for a payment to a designated beneficiary upon the death of the insured. There are two main types of life insurance: Term Life and Whole Life (or "permanent"). Term Life is effective for a specific period of time, as determined by the original contract. In general, it provides coverage only (no cash value) and is renewable up to a certain age. Whole Life, on the other hand, offers lifetime coverage, plus cash value that grows, tax-deferred. While Term Life is initially less expensive than Whole Life, the premiums increase over time, whereas Whole Life premiums remain level. For more information, see our Products section.

A financial tool indemnifying against the loss of a particular person (the insured). A policy under which the insurance company promises to pay a death benefit upon the death of the person insured.

See Life Assurance. Although life insurance is probably the more correct term, life assurance has become generally accepted as the generic term for the market.

A life insurance policy will probably only pay out following your death. Some policies have a death and investment content. If the death benefits are written under trust, they are not included in your estate for Inheritance Tax purposes.

An insurance policy that pays a monetary benefit to the insured person's survivors after death.

Insurance that protects the beneficiary of the Insured against financial loss arising out of the premature death of the Insured by paying a stipulated sum to a beneficiary upon the death of the Insured.

A form of insurance on the life of a human being; may include related coverages.

An agreement to pay a stated amount of monetary benefits upon the death of the insured.

Term used to describe a policy which pays out benefits if the policy holder dies.

An insurance policy payable upon the death, usually referred to as assurance.

An insurance policy that pays a fixed amount of money if you die during the time it covers.

Insurance that pays benefits in the event of a death.

Life insurance provides a lump sum payment on the death or terminal illness of the insured person. If it has an investment component, a lump sum may also be paid on surrender or maturity of the policy.

In relation to ISAs, this is an insurance policy with a savings element that will also pay out a fixed amount of money if you die during the term of the policy.   back

Protection against the death of an individual in the form of payment to a beneficiary – usually a family member, business, or institution.

An insurance policy that pays out in the event that the policyholder dies.

insurance paid to named beneficiaries when the insured person dies; "in England they call life insurance life assurance"

a contract requiring you to pay an annual premium

a joint venture between French insurance major, AXA, the world's largest insurer and the Indian Bharti Group

a legal contract whereby the insurer agrees to pay a specified amount on the death of the insured or when insured reaches a specified age in return for regular premiums paid during lifetime

a type of insurance in which the insured avails of a policy which specifies the term and conditions and pays a premium to have coverage

A policy purchased from a life insurance company where it agrees to pay to the beneficiary (or beneficiaries) a specified sum when the insured person dies. It comes in many forms, such as, whole life, term, universal, and many more. Each life insurance company offers different products.

In exchange for premium payments, provides coverage for an individual's life. Term-life insurance offers protection during a set period of time, often five to 20 years. Whole-life insures the individual for their entire lifetime, placing part of the funds in an investment account.

A contract with the insurance company whereby in exchange for paying the insurance company a premium, they agree to pay your beneficiaries (people you designate) a certain amount of money when you die.

A policy under which an insurance company promises to pay a benefit to a beneficiary (or beneficiaries) upon the death of the insured person.

Life insurance is a contract between the insured and an insurance company and is a way to provide protection against the economic loss caused by the death of the insured.

If you have a joint mortgage, life insurance can be taken out so that the cost of the property will be paid off if one of you dies.

Generally, any of the variety of insurance in which the insurer pays out a certain sum in the event of the death - or sometimes ill health - of the policyholder. Also known as life assurance.

An insurance policy that pays out a fixed amount upon the death of the person insured. Life Insurance can be used to fund a donation to the Betty Ford Center. The donor can purchase a policy (preferably a one or two payment whole life policy) and designates the Betty Ford Center as a beneficiary. Donors may also give paid-up policies as a donation or buy life insurance naming heirs as beneficiary to offset decrease in the estate's cash that was used to create a trust or that would have been received by retirement funds.

An alternative phrase used to describe Life Assurance (see Assurance described above).

Insurance that covers or replaces income lost due to death. Get term insurance here

Life insurance is easy to give and to receive. The donor must make the organization both owner and beneficiary of the insurance policy in order for the IRS to regard the transaction as a charitable gift.

Insurance customarily used to discount actual tax liability.

Money set aside each month to provide for dependents in case of the policy-holder's death.

Insures against premature death. In the process, life insurance may also give other benefits, but the protection of dependents is the first goal. p 143

A policy providing a specified amount of money paid to a beneficiary upon the death of the policyholder or insured.

A contract between an owner (often the insured person) and a life insurance company that guarantees the payment of a stated amount of money on the death of the insured.

A contract for payment of a sum of money to the person assured (or failing him/her, to the person entitled to receive the same) on the happening of the event insured against. Usually the contract provides for the payment of an amount on the date of maturity or at specified dates at periodic intervals or at unfortunate death, if it occurs earlier.

A contract provided for the payment of a sum of money to the person assured or failing him, to the person entitled to receive the same, on the happening of certain event for the consideration. Here, sum of money refers to sum assured/benefits; certain event refers to contingent event; consideration refers to premium.

Insurance where policyholders next of kin receive a cash lump sum if he or she dies.

insurance for which the probabilities of the duration of human life or the rate of mortality are an element or condition of the insurance. Md. Insurance Code Ann. § 1-101

Insurance which provides payment to family members in the event of a person's death. Mixed life insurance also exists. In the event of death, the sum insured is paid immediately and, if the insured party does not die, it is paid out following the end of the insurance term. This type of life insurance policy has a continuously increasing surrender value. Some of the premiums are saved, forming a steadily growing capital fund.

insurance protection from the financial loss that occurs when a wage earner dies

Life insurance is particularly important for young families and can play a role in financial planning for retirement. A young family can obtain maximum protection while minimizing costs by purchasing term life insurance, which pays a stipulated amount to heirs. Approach policies with savings or "cash value" programs with caution - savings and insurance are two different things. In deciding how much insurance you need, consider the repayment of all your outstanding debts and the annual basic living costs of your family. Early in life you will require more coverage as your debts and expenses are generally higher with a growing family and savings are at a minimum. Later in life, when there are fewer financial obligations and more savings, the need for life insurance diminishes. Insurance can be most beneficial for tax and estate planning purposed. Expert and objective advice regarding insurance matters is available through Odlum Brown Financial Services.

A contract with a life insurance company where a policyholder pays a premium in exchange for an amount paid to his or her beneficiaries in the event of death. Life insurance is not needed by everyone but should be purchased by anyone with financial dependents (e.g., children).

Insurance that pays a stipulated sum to a designated beneficiary upon the death of the insured. Protects the insured’s beneficiary against the financial consequences of the insured’s premature death.

Collective term covering those types of insurance which are concerned in a broader sense with the risks associated with the uncertainties of life expectancy and planning. These include death and disability, old-age provision as well as marriage and education.

A policy that will pay out a sum of money in the event of death. There are many different forms of Life Insurance cover to suit different needs and situations.

See Term Life Insurance and Whole of Life Insurance. (By the way, life insurance means the same as life assurance. It is just that life as surance lasts until your death, which is a guaranteed event. Life insurance is for a defined period that might, if you are lucky, not include your death.)

A contract between the policy owner and an insurance company that guarantees that the company will pay an agreed-upon sum of money to a beneficiary upon the death of the insured.

Insurance that provides protection against an economic loss caused by death of the person insured.

The contractual obligation to make a payment in the event of certain contingencies – either death of the life insured, or maturity of a policy.

An insurance policy t pays a death benefit to the beneficiaries when the insured dies.

Protection against the death of the Insured in the form of payment to a designated beneficiary, typically a family member or business.

A type of insurance which pays out a lump sum to your dependants if you die.

Insurance on human lives including endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits for disability, and annuities.

Insurance in which the risk insured against is the death of a particular person, the insured, upon whose death while the policy is in force, the insurance company agrees to pay a stated sum or income to the beneficiary.

This is a policy that pays out a set amount on the death of the policyholder. Life insurance policies linked to mortgages are usually set to run for the same period as the mortgage (e.g. Term Assurance or Decreasing Term Assurance).

The promise to pay at the death of the insured, or at another determined time if earlier, an amount larger than the accumulated value of the consideration paid for the promise.

A contractual agreement providing insurance of payment for a stipulated sum to a designated beneficiary upon the death of the insured. Types: Term, Universal, Whole.

If you've got a joint mortgage, you'll probably want to take out life insurance - this means the cost of the property will be paid off if one of you dies.

Insurance in which the risk insured against is the death of a particular person called the insured, upon whose death within a stated term, or whenever death occurs if the contract so provides, the insurance company agrees to pay a stated sum or income to the beneficiary.

A contract between an insurance company and an individual, generally guaranteeing payment of an amount of money to the beneficiary(ies) on the insured’s death. (See also: variable universal life insurance) Return to Previous

The amount an insurer will pay the policy owner if the policy is surrendered while it is in force. The net surrender value on the date surrendered is equal to: the cash value, minus any surrender charge, minus any outstanding loan amount, plus any interest the policy owner paid in advance on the loan of the period between the date of surrender and the next policy anniversary. Return to Previous

An insurance policy that pays a lump sum in the event of the death of the policyholder or person whose life is assured.

A form of insurance that pays a fixed amount of money to beneficiaries if a specific person dies during the period when the policy is in force and premiums have been fully paid.

A contract that guarantees the payment of a stated benefit upon the death of the insured.

Insurance providing for the payment of benefits upon the death, whether by accident or otherwise, of the life insured.

A product which provides protection against the economic loss caused by a person's death. The protection is made possible by spreading the cost of the financial loss over a large group of people who are exposed to the same risk.

insurance which will pay a specified sum of money if the individual insured by the policy dies during the policy term.

Insurance one purchases to protect their family or business in the event of their death.

An insurance company contract that pays a beneficiary upon the death of the insured. Some life insurance policies provide a tax-deferred cash buildup (cash value) that can be accessed by the policy owner.

This is a insurance that pays money to your family or any other chosen person after you die.

Protection provides immediate tax-free cash payment upon death.

Insurance that is paid to a beneficiary when the insured dies.

This can also be called Term Insurance or, when specifically linked to proprty purchase, as Mortgage Protection Insurance. It is designed to pay a tax free lump sum in the event of your death to enable your mortgage to be repaid in full. There are a number of variants such as Level Term Life Insurance and Decreasing Term Life Insurance. At the outset you take out insurance for the full sum you have borrowed from your mortgage lender and for the same number of years as you have agreed on your mortgage. These insurance policies do not have any investment or surrender value. The premiums are based on a number of factors - the main ones being the amount of cover you need, your age, health and how many years you want to be insured for.

A protection against the lost income that would result if the insured were to pass away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.

Provides for a payment of a sum of money upon the death of the insured. The life insurance can be used as a means of investment or savings.

A type of insurance that pays a benefit if the person who is insured by the contract dies while the insurance is in force.

An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured, or under other circumstances specified in the contract, such as total disability.

A type of insurance that provides a sum of money if the person who is insured dies while the policy is in effect.

Insurance against loss due to the death of a particular person (the insured) upon whose death the insurance company agrees to pay a stated sum or income to the beneficiary.

The transfer of part of the financial loss due to death of an insured person to an insurance company. The risk insured against is the death of a particular person, the insurance company agrees to pay a stated sum or income to the beneficiary.

Life insurance which guarantees that in case of death, and optionally in case of permanent disability of the insuree, the loan will be cancelled.

A policy that will pay a specified sum to beneficiaries upon the death of the insured.

Broadly describes all types of insurance offered by life offices. More specifically describes insurance against premature death.

Insurance that pays a specified sum of money to designated beneficiaries if the insured person dies during the policy term.

A policy that pays your beneficiary a specified amount upon your death.

A contract between the holder of a policy and an insurance company whereby the company agrees, in return for premium payments, to pay a specific sum to the designated beneficiary upon the death of the insured.

Insurance that provides protection against the loss caused by the death of the insured person.

Agreement in which an insurance company agrees to pay money to a beneficiary upon the death of the policy holder.

(Assurance vie) An insurance on the life of an individual or individuals. It is as valued form of policy and pays out a certain sum on the death of the individual. It is written in many forms and frequently coupled with a savings factor.

Insurance that provides a specific payment to a beneficiary when the insured dies.

A benefit payable in the event of death to the insured. This coverage is usually a flat amount or a percentage of salary.

Insurance providing for the payment of a stipulated amount to a designated beneficiary upon the death of the insured.

If you have a joint mortgage, life insurance can be acquired that will see the mortgage paid of should one of you pass on.

A type of Insurance that guarantees a specific sum of money to a designated beneficiary upon the death of the insured or to the insured if he or she lives beyond the policy matures.

See Ordinary life insurance; Term insurance; Variable life insurance; Whole life insurance

An insurance policy that pays a set amount to those named in the policy when the holder dies.

Limited Pay Policy

A type of insurance that pays a benefit upon the death of an insured person.

A policy payable upon the death of the insured, usually referred to as assurance.

Insurance that provides a lump sum payment to a beneficiary named by the insured, in the event of the insured's death.

Insurance coverage that pays out a set amount of money to specified beneficiaries upon the death of the individual who is insured.

Insurance providing payment of a specified amount on the insured's death, either to his or her estate or to a designated beneficiary.

A contract between an insurance company that agrees to pay money to a certain person upon the death of the policy holder and this holder. This person pays a regulary fee ( generaly monthly) to the ...

A legal contract between an insurance company and an owner/insured to provide protection against adverse financial consequences of the death of an individual in the form of payment to a beneficiary.

Life insurance (life assurance in British English) is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured's death. In return, the policyowner (or policy payor) agrees to pay a stipulated amount called a premium at regular intervals.