en
life insurance
/laɪf ɪnˈʃʊrəns/
Definition
1
A contract between an insurer and a policyholder in which the insurer guarantees payment of a stated death benefit to designated beneficiaries upon the death of the insured.
2
A financial hedge against the inconvenient reality that you are, in fact, mortal.
Examples
He spent his entire life saving pennies, only to realize his life insurance premium costs more than his mid-life crisis sports car.
Buying life insurance is basically just betting against yourself that you will die sooner rather than later.
My insurance agent congratulated me on my long-term health, then immediately tried to sell me a policy for when I am no longer part of the living.