Life insurance is a type of insurance which provides cover for death, disability, a health condition, some illnesses and injuries.

This background paper deals with the specific issues in relation to the four key forms of life insurance cover – term (death) insurance, total and permanent disability (TPD) Insurance, income protection (IP) insurance and critical illness or trauma insurance. It also deals with the special provisions which apply to sickness, accident and consumer credit policies that are classified as life policies and which are eligible and prescribed contracts of insurance under the Insurance Contracts Act 1984 (IC Act).