Life Insurance is insurance in which the risk insured against is the death of a particular person, the insured, upon whose death while the policy is in force, the insurance company agrees to pay a stated sum or income to the beneficiary. Definition from www.farmers.com/FarmComm/WebSite/html/glossary/glossaryL.jsp

Life insurance policies, including pensions and life annuity policies, provide payments depending on the life or the death of a particular person or persons. Definition from en.wikipedia.org/wiki/Life_insurance