The Random House Unabridged Dictionary defines, it as "insurance providing for payment of a sum of money to a named beneficiary upon the death of the policyholder or to the policyholder if still living after reaching a specified age."
The original terms of the universal life insurance policy determine whether the beneficiary of the policy receives a predetermined lump sum or instead receives the lump sum in addition to the cash value of the investment account.
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Also, this type of annuity allows the beneficiary of the investor to receive a death benefit that is guaranteed to be equal to the amount of premiums that the investor paid, up until the time of death.
The person insured is the one whose life the policy covers, while the beneficiary or beneficiaries are the people who receive income when the insured person dies from causes covered under the policy.