Definition Of Whole Life

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.

Definition of whole life. 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. As a life insurance policy it represents a contract between the insured and insurer that as long. You can complete the definition of whole life given by the english definition dictionary with other english dictionaries. 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.

Whole life insurance insurance on the life of the insured for a. Whole life definition is of relating to or being life insurance with a fixed premium for the life of the policyholder and a cash value that can be redeemed on sale of the policy or can be the basis of low interest loans. Insurance that provides death protection for the insured s entire lifetime. Whole life is much more expensive than other types of life insurance such as term life.

Make sure that the cash value and permanence of the insurance policy justify the excess premiums relative to a term policy with the same death benefit. Means the lifetime of the beneficiary. Search whole life and thousands of other words in english definition and synonym dictionary from reverso. Universal and whole life policies which have a savings or investment component cost more but accrue cash value as you go and are guaranteed renewable as long as you live if you bought their whole life financial guardian policy and paid premium for 13 years you were set for life.