The article presents the information on life insurance with unit – linked insurance fund so called „investment policy”. The article stipulates the general characteristics of such type of agreements as well as the thesis of their invalidity provided that the security is apparent and in fact the agreement analysed ad casum has only investment character. The author proposes procedural tactics dependent on individual features of particular agreements and their economic analysis. The article providesthereader also with theinformation on the distribution of lifeinsurance by thesubjects working astheinsurer and abusivecaluses, in particularliquidation fee. The author undermines plenty of irregularities connected with the idea of life insurance with unit – linked insurance fund and the process of their distribution.