quality of life

noun phrase

Definition of quality of life 

: how good or bad a person's life is The drug is used to improve the quality of life for patients who have chronic illnesses.

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quality of life

Financial Definition of quality of life

What It Is

Quality of life describes the happiness, independence and freedom available to an individual.

How It Works

For example, if John Doe hits a dog with his car one night, he may have to consider euthanizing the dog if the veterinarian determines that the dog's quality of life, should it survive, would be very low.

Why It Matters

Quality of life is a subjective measure. However, even in the math-oriented world of investing, it plays an important role in setting investing goals and determining one's tolerance for risk. It is also important in matters of insurance and health care, which often hinge on a patient's ability to perform the activities of daily living independently (eating, bathing, dressing, toileting, walking and continence).

Source: Investing Answers

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