Retirement income

Actually what you are refering to is life assurance. Life assurance includes an investment element and means that the insurance always has a surrender value should you wish to stop paying your premiums in the future.

Life insurance actually covers you for a specific amount of time or term. During that time if the policy holder dies the policy would payout. If the client passes that age then they get nothing at all the policy finishes and the client has an option of trying to take out more insurance or continue on uninsured.

More information about the difference between life insurance and life assurance can be found here life insurance vs life insurance

Simon
We do not refer to it as life assurance here in the US. That term is never used here.