Definition: A "life insurance" refers to the insurance that provides financial protection to an individual's family members, depending on their age, medical condition or income. It typically covers both death and disability expenses for the insured person. The term may also refer to a type of life insurance policy where there is no guaranteed payout until certain conditions are met. The definition of "life insurance" involves the insurance company providing money to an individual (the insured), who in turn provides coverage for their family members, depending on the specific policies they choose. It typically protects the insured person's dependents and reduces financial strain during their lifetime by ensuring that they can meet their basic needs after death. The term "life insurance" may be used interchangeably with other types of life insurance, such as death benefit insurance or income supplement insurance, but it is specifically associated with a type of coverage designed for people who are the beneficiaries of another person's policies.
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