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Answer

An 'insured life' when considering a life Insurance policy is the person that the policy will pay out on when they die. It 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 Life Insurance policy can only be written on a single or joint life and not on another person. This means the insured life will always be the people taking out the policy.

If you are considering taking a policy on somebody else, there are rules about doing this.

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