A type of life insurance in which the insurer agrees to deliver the insured capital upon the expiration of the term agreed as the duration of the contract if the insured person is still alive on that date. It can be non-refundable (if the insured person dies before the end of the insurance, the premiums paid remain with the insurer) or refundable (these premiums are returned to the beneficiary indicated in the policy if the insured person dies before the end of the insurance). It is frequently used for the constitution of retirement pensions and to reduce the monthly installment of a mortgage loan. In this way, payment of a percentage of the loan is deferred until the last installment and monthly installments are calculated on the remaining capital.
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