Life insurance represents a special field of business that affects a country's social and economical structure up to a great extent. Due to its nature, life insurance differs from all other kinds of insurance. What is essential for all the businesses that are present in the insurance market is to present life insurance itself to an individual with all its advantages and benefits. In this paper, we have drawn focus especially to provision of the antecontract information according to EU Legislation and to the national one. We have presented functions of life insurance as a form of savings, social function and accumulation function. The conclusion is that the better education that would result from a fair and quality transfer of knowledge would itself represent a motivational force that could be highly beneficial for one branch of economy of such great importance such as insurance is.