Life Insurance Contract

Published: | Updated: January 6, 2018

Definition - What does Life Insurance Contract mean?

A life insurance contract is a legally binding agreement in which one party (generally, a life insurance company) agrees to pay a certain sum of money to beneficiaries of the other party (generally, the policyholder) upon that party's death, or after they reach a specific age.

Insuranceopedia explains Life Insurance Contract

Typically, in order to agree to a life insurance contract, life insurance companies must have the promise of the policyholder to pay a certain amount of money in the form of premium payments. In most cases, the higher a person wants their life insurance benefit to be, the more they will have to pay in premiums. Life insurance payouts can often be quite substantial.

How Well Do You Know Your Life Insurance?

The more you know about life insurance, the better prepared you are to find the best coverage for you.

Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.

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