Life insurance

insurance in which a certain sum is paid to family members upon the death of the insured (or to the insured after a certain age)

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the policy owner's death. In return, the policy owner (or policy payer) agrees to pay a stipulated amount called a premium at regular intervals.
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Noun
1. insurance paid to named beneficiaries when the insured person dies; "in England they call life insurance life assurance"
(synonym) life assurance
(hypernym) insurance
(hyponym) endowment insurance

An insurance policy that pays a monetary benefit to the insured person's survivors after death.