Jargon Buster - Definition of Life of Another

Please select your letter of choice below to see the list of terms:

Life of Another

is a way of setting up an insurance policy that enables it to be owned by somebody other than the life assured. This is a popular method of assigning the benefits of a policy to somebody other than the insured and his/her family. A Life of Another policy is common for life insurance and key man insurance policies whereby the payout is required by a company or business partner.

Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.

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