An 'insured life' when considering a life Insurance policy is the person that the policy will pay out on when they die. They can also be called the 'life assured'.
Usually this will be important when considering taking a life insurance policy out on another person because the policy owner may not be the insured life and wouldn't pay out if the owner died.
Our online Life Insurance policies can only be written on a single or joint life basis and not on another person. This means the insured life/lives will always be the person/people taking out the policy. If you need to take Life Insurance out on another person, you'll need to arrange this through your financial adviser or by calling LifeSearch.