Insurance to be paid to a beneficiary when the insured dies.
Any insurance relating to a risk depending on human life. This includes contracts providing payment on the insured person's death, endowments providing payment either on survival to a specified date or on earlier death and annuities which are paid throughout the annuitant's lifetime but cease on death.
A benefit which will pay a lump sum to the designated beneficiary of a deceased person who was insured under the policy. Some policies now include a Living Benefit which will pay part of the benefit to an employee prior to death if they are terminally ill.