I ’ Ve just taken out an insurance policy . Are you insured ?   Yes , I am . I have life insurance and my home and its contents are also insured .   I took out a life insurance policy and made my wife the beneficiary .   That ’ a good idea . You are a fireman and it can be dangerous job .   I need to make sure that my wife will be financially secure if I die .   I can terminate my life insurance policy when I retire and use the money as a pension . 