Definition of life policy in English:

life policy

noun

  • A life insurance policy.

    • ‘This lets you convert your policy into a new life policy at the end of the term without the need to provide information on your state of health at the time.’
    • ‘He accepted that the employees received a payment in kind in the form of the life policy or policies with an enhanced value.’
    • ‘Whole life premiums start out significantly higher than those of comparable term life policies, but over time the term policy's ever-increasing premium overtakes the whole life policy's level premium.’
    • ‘Other factors affecting the market value include the type of life policy, the policy's cash value and any loans against the policy.’
    • ‘But the surrender value of a whole life policy is usually lower than that of an endowment policy for a similar amount.’