life insurance

noun

: insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured

Examples of life insurance in a Sentence

Recent Examples on the Web

Additionally, Regional Management provides optional payment and collateral protection insurance, including credit life insurance, accident and health insurance, involuntary unemployment insurance and personal property insurance. —Charles Rotblut, Forbes, 18 Sep. 2024

All other monthly payments: £8.37 life insurance, £185.29 car, £57.03 EE, £65.43 S's phone, £27.99 C's swimming lessons, £17.99 boiler insurance, £78.33 couches on interest-free finance over four years, £25 Specsavers, £16.25 C's gymnastics, £10 football, £20 gym. —refinery29.com, 18 Sep. 2024

The romantic action-comedy is about a terminally ill assassin named Joe Flood (Dave Bautista) who orders a hit on himself so that the love of his life (Sofia Boutella’s Maize) can collect on his life insurance policy. —Brian Davids, The Hollywood Reporter, 16 Sep. 2024

Better still, the premiums of a cash-value life insurance policy don’t need to be paid out of pocket each year. —Robb Report Studio, Robb Report, 6 Sep. 2024

Word History

First Known Use

1781, in the meaning defined above

Kids Definition

life insurance

noun

: insurance providing for a specified sum to be paid when the insured person dies

Legal Definition

life insurance

noun

: insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance

— ordinary life insurance

: whole life insurance in this entry

— straight life insurance

: whole life insurance in this entry

— term life insurance

: life insurance that provides coverage for a set term and does not accumulate cash surrender value

— universal life insurance

: life insurance characterized by flexible premiums, benefits, and payment schedules, by the indexing of cash value to money market interest rates, and by the periodic reporting of current value and company costs charged to the account

— universal variable life insurance

: variable universal life insurance in this entry

— variable life insurance

: life insurance in which all or part of the cash value of the policy is located in a tax-deferred investment portfolio with risk assumed by the insured for investment losses compare variable annuity at annuity

— variable universal life insurance

: universal life insurance that includes the investment component of variable life insurance

called also universal variable life insurance

— whole life insurance

: life insurance that provides coverage over the life of the insured and that can be sold for surrender value or used as the basis of low-interest loans

called also ordinary life insurance, straight life insurance