: insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured
Example Sentences
Recent Examples on the WebIt was discovered that four days before Betsy was killed, Hupp, now 63, was named the sole recipient of a $150,000 life insurance policy for Betsy. Corin Cesaric, Peoplemag, 29 Aug. 2022 One bill increases the maximum life insurance coverage from $400,000 to $500,000 under the Service Members Group Life Insurance (SGLI) and Veterans Group Life Insurance (VGLI) programs.al, 5 Aug. 2022 Leveraging the buying power of the consortium creates significant cost savings for the district while still providing comprehensive health, dental, vision, prescription drug and life insurance coverage, the release stated. Ed Wittenberg, cleveland, 6 June 2022 The contract also includes: $1 million life insurance coverage. Madeline Mitchell, The Enquirer, 22 Mar. 2022 That brought total life insurance coverage last year to $20.4 trillion in the U.S. Chris Morris, Fortune, 9 Dec. 2021 Many people have some life insurance coverage that their employer provides. Jeanne Sahadi, CNN, 7 Sep. 2021 This includes disability compensation, survivor's benefits, pension and fiduciary service, education and training, life insurance coverage, and home loans guaranties.Arkansas Online, 22 June 2021 Use other assets When markets decline, rather than sell stocks at a loss, retirees with whole life insurance may be able to withdraw from their policies to meet living expenses. Anne Tergesen, WSJ, 30 Aug. 2022 See More
Word History
First Known Use
1781, in the meaning defined above
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 alsouniversal 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 alsoordinary life insurance, straight life insurance