Contingent upon the agreement, other occasions, for example, terminal illness or basic illness can likewise trigger installment. Life insurance is an agreement between an insurance policy holder and a safety net provider or assure, where the back up plan guarantees to pay an assigned beneficiary a total of cash the advantage in return for a premium, upon the death of a protected individual regularly the policy holder. Cash value increases within the policy are not subject to income taxes unless certain events occur. The policy owner would be well advised to carefully consider them. As always, both the United States Congress and state legislatures can change the tax laws at any time. Most UK insurers adopted the name "life insurance with tax relief" for the product. Pension term assurance is effectively normal term life assurance with tax relief on the premiums.