A life insurance policy is a contract between you and an insurance company. If you pay your insurance premium as agreed the insurance company will pay a lump sum payment or a death benefit to name beneficiaries upon the death of the insured.
Life Insurance meaning for most people is protection and security.For business owners, it could be the difference in a business transaction or continuation or equity buy out if the business owner or partner die prematurely.
No matter what it means to your life insurance definition is still the same it the financial world. Life insurance is protection and security and can be used as a tax advantage savings you can use in retirement.