What Is a Life Insurance Policy?

Hi and thanks for asking this question.
A life insurance policy is an official contract between a customer or client and an insurance company or broker according to which the client repeatedly pays for this type of insurance usually on a monthly basis. The main part of this service is that when the client dies or passes away, their beneficiaries, family members, relatives, etc., who are specified, will receive so much money.
So, a life insurance / life assurance policy is a controversial type of insurance or a kind of investment as explained above, and the policy in this phrase refers to the official contract or agreement as a written document between the client and the company.