Whole Life Insurance Definition

As a life insurance policy it represents a contract between the insured and insurer that as long. The selling of a life insurance policy by a terminally ill person so that person can receive a benefit from the policy while still alive and the purchaser of the policy can receive a. Whole life insurance definition is a type of life insurance that costs the same as long as the insured person is alive and that pays benefits to survivors when the person has died.

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The most obvious difference at least superficially is cost.

Whole life insurance definition - Define whole life insurance. They receive the death benefit upon the contract holder s death. Whole life insurance synonyms whole life insurance pronunciation whole life insurance translation english dictionary definition of whole life insurance.

Insurance that provides death protection for the insured s entire lifetime. Just like term life insurance beneficiaries exist in a whole life insurance policy. Life insurance policy that 1 normally covers an individual until his or her death unless it lapses due to non payment of premium or is cancelled 2 builds up a cash value called cash surrender value 3 pays a fixed death benefit and 4 where unlike in a term life insurance the premium amount remains constant.

Whole life insurance or whole of life assurance in the commonwealth of nations sometimes called straight life or ordinary life is a life insurance policy which is guaranteed to remain in force for the insured s entire lifetime provided required premiums are paid or to the maturity date. In some cases whole life insurance premiums are three to five times as much as term life premiums at least at the onset.