Definitions for "Whole Life Policy"
A policy where premiums are paid for the rest of an individual's life, or up to a specified advanced age, and benefit is paid on the death of the person insured, whenever that occurs.
a combination of insurance and investment while a term policy is insurance only
a more permanent arrangement with higher premiums because it has the saving component there where you might be able to borrow against it
a very flexible financial asset, which provides a wide range of dividend options