Life insurancepolicies pay out a lump sum upon your death.
Times, Sunday Times (2009)
The document could be used to make a huge claim on a life insurancepolicy.
The Sun (2013)
He has exhausted all of his assets, except for a life insurance policy that will pay $100,000 to his wife.
Microeconomics: Price Theory in Practice (1995)
Definition of 'policy'
policy
(pɒlɪsi)Explore 'policy' in the dictionary
countable noun [usually NOUN noun]
An insurance policy is a document which shows the agreement that you have made with an insurance company.
[business]
Definition of 'life insurance'
life insurance
Explore 'life insurance' in the dictionary
uncountable noun
Life insurance is a form of insurance in which a person makes regular payments to an insurance company, in return for a sum of money to be paid to them after a period of time, or to their familyif they die.