Life insurance

Insurance that pays benefits upon the policyholder's death

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as physical complications or illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum.

From Wikipedia, under CC BY-SA. More on occurri.