life insurance 
noun [mass noun]
Insurance that pays out a sum of money either on the death of the insured person or after a set period: he has taken out life insurance [as modifier]: life insurance policies...
- Grown-ups with small dependents, mortgages and life insurance policies should definitely have a will.
- Shopping around also applies to people who already have life insurance policies.
- I now have full life insurance and critical illness insurance, based on a sum of £110,000.
Usage
There is a technical distinction between life insurance and life assurance: see assurance (usage).