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

Police noted in the warrant affidavit that Pratte is not related to Hamel and has no legal right to the life insurance policy for Standish. —Justin Muszynski, Hartford Courant, 19 June 2024

The couple is raising an adorable toddler named Abigail and is committed to educating other mothers about the importance of financial planning for their families, like establishing children’s life insurance. —Dominique Fluker, Essence, 7 June 2024

According to Fleury, having your genetic information publicly available could put you at risk of being denied healthcare or life insurance if a provider sees that you're genetically predisposed to certain conditions. —Lily Carey, Discover Magazine, 4 June 2024

He was also convicted on three counts of conspiracy to commit murder and two counts of insurance fraud for increasing Tammy Daybell’s life insurance coverage. —Alex Brizee, Idaho Statesman, 30 May 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