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url: /glossary/life_insurance.md
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## Life Insurance Savings

A life insurance savings contract is a savings contract with an insurer. The policyholder pays premiums. The insurer invests these premiums in the general account, in unit-linked funds, or in both. The policyholder can get all or part of the savings at any time with a surrender. When the insured person dies, the insurer pays the savings to the designated beneficiaries.

*Special case*: A beneficiary can accept the benefit of the contract. This case is rare. After this acceptance, the policyholder must have the agreement of this beneficiary to make a surrender.

*Note*: In many English-speaking countries, "life insurance" means insurance that pays only when the insured person dies (term life insurance). The French "assurance vie" is mainly a savings and investment product.