What Does It Mean To Have Life Insurance? 
`` To have life insurance '' usually means that the insured person has a life insurance policy . If that person would die , their beneficiary would receive the face amount of the life insurance policy . Sometimes another person owns the policy , and chooses the beneficiary . But when people talk about having life insurance , they usually are referring to the person who is insured , and for whom the death benefit would be paid , if they would pass away . 