A business that collects a person's savings by selling contracts (policies) often paid for through periodic premiums to provide cash payment upon death.
A type of financial intermediary that shares the financial risk of untimely death among its participants. The participants buy policies for which they pay stated, periodic premiums and are guaranteed a minimum payment to designated beneficiaries at the time of the policyholder's death. Policyholders may also use their policies to build up cash savings.... read full article
A financial institution with the main business of providing insurance against death and disability through households investing funds with the company. Life insurance companies also operate superannuation funds.