life insurance

noun

Definition of life insurance

: 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 For extra security, Mr. Loftin says Mr. and Mrs. Rogers each should have at least $250,000 in term life insurance—to at least cover what’s left on their mortgage—and ideally as much as $500,000 each. Chris Kornelis, WSJ, "A Couple Wants Enough for Retirement—and to Keep Helping Their Sons. Can They?," 18 Oct. 2020 Employee assistance program, generous personal time off, community outreach opportunities and paid group term life insurance. Segann March, The Enquirer, "Top Workplaces Cincinnati: 'This is wonderful' as BRG Realty Group leads midsize division," 13 Aug. 2020 Yes, but life insurance is about buying the right to transfer risk to another entity. Peter Dunn, USA TODAY, "Pete the Planner: Do I need to buy life and disability outside of my job?," 5 July 2020 The doubling of payouts under a group life insurance plan. Ben Tobin, The Courier-Journal, "Louisville mayor, FOP agree on new police contract. Here's what's in the deal," 6 Oct. 2020 Wealthy families set up complex trusts, private pensions, and life insurance schemes to lower their taxes. Ben Steverman, Bloomberg.com, "Trump’s Taxes Give Biden Blueprint to Fix System Rigged for Rich," 1 Oct. 2020 My father is a reverend and a life insurance agent. Gail Mitchell, Billboard, "20 Questions With Jac Ross: ‘Now More Than Ever, People Need Hope and Change’," 29 Sep. 2020 Another thing to consider is purchasing life insurance. Tom Cooney And Crystal Faulkner, The Enquirer, "BusinessWise: Child's financial future," 17 Aug. 2020 Some people choose term life insurance as their primary coverage for three reasons, which often all happen at the same time. Peter Dunn, USA TODAY, "Pete the Planner: Do I need to buy life and disability outside of my job?," 5 July 2020

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'life insurance.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of life insurance

1781, in the meaning defined above

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Time Traveler for life insurance

Time Traveler

The first known use of life insurance was in 1781

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Statistics for life insurance

Last Updated

23 Oct 2020

Cite this Entry

“Life insurance.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/life%20insurance. Accessed 24 Oct. 2020.

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More Definitions for life insurance

life insurance

noun

English Language Learners Definition of life insurance

: a type of insurance that pays money to the family of someone who has died

life insurance

noun

Legal Definition of life insurance

: 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

More from Merriam-Webster on life insurance

Britannica.com: Encyclopedia article about life insurance

Comments on life insurance

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