An insurance policy that pays out a sum of money on the policyholder's death (and sometimes on maturity or illness). Financial orders can require a party to take out, maintain, assign, or surrender a life assurance policy to protect the other party or children.
In Plain English
This is an insurance plan that pays out a sum of money if you die or become very ill. The court might order you to keep a policy to make sure your ex or children are financially supported if something happens to you.
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