Life-insurance meaning

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 a certain age.
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Insurance in which a stipulated sum is paid to the beneficiary or beneficiaries at the death of the insured, or, if specified, to the insured at a certain age.
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A contract that pays the insured’s beneficiaries a specified amount of money, called a death benefit, upon the insured’s death. In return, the insured pays the life insurance company monthly or yearly premiums. There are many types of life insurance. Permanent insurance policies remain in effect throughout the life of the insured as long as premiums continue to be paid. These policies increase in value over time, allow the insured to borrow against the policy, and offer financial flexibility to use the cash value to pay the policy’s premium, if the policy holder is short on cash. Types of permanent policies are whole life, variable life, and universal life. Term life insurance policies are cost-effective alternatives to permanent insurance policies. Term policies cover the insured for only a specified amount of time, which is usually one year. When that term is up, a new policy has to be obtained, but the insurer isn’t obligated to issue the policy if the person’s health condition worsens.
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(insurance) A form of insurance on the life of a person. If the person dies then the insurance policy pays out a sum of money to the policyholder (such as a person's family).
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