Life Insurance is a contract between you and an insurer. It could pay out a cash lump sum if you were to die during the term of the policy.
It is a pure insurance contract so there is no pay out if a claim is not made, and the policy ceases at the end of the designated term. It can be set up in single names or joint names, and the sum assured is determined by you. Premiums are paid on a monthly basis by direct debit.