Definitions for "whole life insurance"
see whole life.
A form of life insurance offering protection for the whole of life, proceeds being payable at death. Premiums may be paid under a continuous premium arrangement or on a limited payment basis for virtually any desired period of years; e.g., ten, 20, 30, or to ages 60 or 65. (See also: ordinary life.)
a policy that remains in force for the entire life of the insured so long as premiums (usually level) are paid. A whole life insurance policy builds up cash value, usually with minimum guarantees.