What is the definition of a "life insurance policy" under Connecticut law?

A life insurance policy is defined under Connecticut law as a contract that pays a specified sum of money upon the death of the insured or after a predetermined period. This definition encompasses the primary purpose of life insurance, which is to provide a financial benefit to designated beneficiaries, ensuring financial security in the event of the policyholder's death.

Moreover, the definition highlights that life insurance policies can also mature and pay out after a specific term, which adds a layer of utility beyond merely covering death benefits. This aspect can provide a structured savings plan or investment component for policyholders.

In contrast, the other options do not accurately reflect the nature of a life insurance policy. While guaranteeing mortgage payments refers to a form of insurance related to financial liabilities, it does not encompass the broader life insurance definition. Medical expense coverage pertains to health insurance rather than life insurance. Lastly, while financial advice is important, it is not intrinsic to the nature or purpose of a life insurance policy, making it an inadequate descriptor.