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.
This kind of insurance provides coverage for your entire life. Part of the premium payments are used to build up savings over time.
Life insurance that provides protection for the entire life of the insured person, generally with a fixed face amount and fixed premiums.
A form of cash value life insurance that is designed to remain in force for the life of the insured. The policy generally has a level premium and level death benefit. Modified premium schedules are also available, e.g. '10-pay whole life' and '20-pay whole life'. Also see Life Product Comparison.
Life insurance that remains in effect for the insurer's entire life and pays on death.
A type of life insurance that offers lifetime coverage. In general, whole life policies feature level premiums, stable coverage amounts, and cash value that builds over time. Also referred to as "permanent" life insurance.
remains in force through out the lifetime of the life assured. The sum assured is payable in case of the insured's death. Premiums too are payable till death.
sometimes used to mean "straight life insurance" and at other times, used in a broader sense to include this and "limited payment life insurance".
A form of life insurance that applies part of the premium payments to build an investment or savings value for the policy owner. The investment or savings value is called the cash surrender value of the policy.
Life insurance that provides coverage for an individual's whole life, rather than a specified term. A savings component, called cash value or loan value, builds over time and can be used for wealth accumulation.
This form of life insurance will cover the policy holder during their entire life (unless the policy is cancelled or renewed). These premiums will be higher than those charged by a Term Life Insurance policy, but will not increase annually during the time frame the policy is in effect. See: Term Life Insurance; Universal Life Insurance; Survivorship Life Insurance
Permanent life insurance offering guaranteed death benefits and guaranteed cash values.
An insurance policy that builds up a cash value as premium payments accrue.
(See ORDINARY LIFE INSURANCE)
Life insurance that is designed to offer financial protection for the entire life of the insured; it allows for the accumulation of cash values, along with providing stipulated death benefits.
insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured
Refers to life insurance payable on the death of the person whose life is insured, whenever that occurs. Premiums are payable on a regular basis until death, and coverage is provided for life. This type of life insurance provides both protection and cash value.
Insurance that provides protection if the insured dies while also building up cash value. Premiums are high but level, and include the cost of term insurance plus a savings component.
A life insurance policy that remains in force throughout the life of the insured.
The type of policy, which continues during the whole of the insured's life and provides for the payment of amount insured at his death, or at age 100. () ()
life insurance payable to a beneficiary at the time of death of the insured whenever that occurs
Type of life insurance policy that combines protection for the life of an insured person and a savings component known as the cash value.
A form of Life Insurance policy which may be kept in force for a person's whole life and which pays a benefit upon the insured's death, whenever that may be. All Whole Life Insurance policies build up cash value within the policy.
A level amount of permanent life insurance, with increasing cash values; premiums are paid for the entire life of the insured.
Also called ordinary or permanent life insurance, whole life insurance is life insurance that remains in force throughout the lifetime... read full article
A type of life insurance that remains in full force for the insured's entire life, as long as premiums are paid. Return to the top Return to the top
Life insurance under which coverage remains in force during the insured person's entire lifetime, provided you've kept up your premium payments as specified in the policy.
Permanent insurance which provides, at minimum, a level death benefit upon the insured's death, or a cash endowment upon policy maturity that is equal to the death benefit. In addition, these policies accumulate cash values on a tax-deferred basis. A plan of insurance for the whole of life. It includes straight life on which premiums are payable until death.
A life insurance product with an investment component. You pay in substantially more money, which your insurance provider will invest for you while taking a porterhouse-sized cut for himself. This essentially turns your insurance into an estate-planning tool -- one with embarrassingly low annualized returns.
life insurance that provides death benefit coverage but also includes an investment feature and accumulates cash values. Unlike term insurance, for which annual premiums generally increase with age, whole life insurance generally has level premiums for the length of the policy.
Life insurance that is kept in force for a person's whole life as long as the scheduled premiums are maintained. All Whole Life policies build up cash values. Most Whole Life policies are guaranteed as long as the scheduled premiums are maintained. The variable in a Whole life Policy is the dividend, which could vary depending on how well the insurance is doing. If the company is doing well and the policies are not experiencing a higher mortality than projected, premiums are paid back to the policyholder in the form of dividends. Policyholders can use the cash from dividends in many ways. The three main uses are: it can be used to lower or vanish premiums, it can be used to purchase more insurance or it can be used to pay for term insurance.
A basic type of permanent life insurance which can provide lifetime protection at a level premium. Premiums must generally be paid for as long as the policy is in force.
Life insurance that remains in force during the insured's entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance also builds a savings elements called the cash value as a result of the level premium approach to funding the death benefit.
A type of life insurance that offers a death benefit and also accumulates cash value, tax deferred at fixed interest rates. Whole life insurance policies generally have a fixed annual premium that does not rise over the duration of the policy. Whole life insurance is also referred to as "ordinary" or "straight" life insurance.
Form of life insurance policy that offers protection in case the insured dies, and also builds cash value. The policy stays in force for the lifetime of the insured, unless the policy is canceled or lapses. The policyholder usually pays a set annual premium to whole life, which does not rise as the person grows older (as in the case with term insurance). Whole life insurance is also known as ordinary life or permanent life insurance.
Whole life insurance provides a death benefit for the policyholder as it builds up cash value. The policy remains in force for the lifetime of the insured, as long as premiums are paid according to the policy agreement. You can choose insurance that pays out on death a guaranteed sum only, the sum plus any bonuses that have been added, or the sum plus any additional value from the growth of the funds invested in.
A basic type of permanent life insurance that, as long as the premiums are paid, can cover the policyholder over the course of their entire life. Premiums usually remain level with this type of policy. Read more about Whole Life Insurance.
Life insurance that builds a cash value and for which premiums are typically paid for the insured's whole life, or until age 100 if the insured lives that long.
A type of life insurance that remains in effect, if the premiums are current, until the insured dies. Whole life insurance builds a cash value for the policyowner. Contrast with term life insurance.
Life insurance that provides lifetime insurance coverage at a level premium rate that does not increase as the insured ages.
Insurance which may be kept in force for a person's whole life and which pays a benefit upon his death, whenever that may be. All Whole Life policies build up nonforfeiture values, but they are paid for in 3 different ways. Under a Straight or Ordinary Life policy, premiums are paid for as long as the insured lives. A single premium policy is paid for at one time in one premium. Between these two types there are many limited-payment plans, under which the insured pays premiums for a certain period or until reaching a certain age. Contrast with Term Insurance.
Life insurance that provides coverage for the insured’s entire life, provided the policyholder continues to pay the premiums. Premiums generally remain level for the life of the contract. In addition, there is also a cash value component that can be used to help supplement future financial needs.
A life insurance policy under which a cash surrender value is generated and grows, with future premium payments and stated interest accruals credited by the company.
Policies that build a cash value and cover a person for as long as he or she lives if premiums continue to be paid.
Permanent life insurance that provides protection to age 100 as long as you pay the fixed premiums. Accumulates tax-deferred cash value that you can borrow against through an interest-bearing loan or receive if you surrender the policy.
Provides protection with or without investment. As the name suggests, this insurance pays a guaranteed sum on the death of the policyholder, it covers you for the whole of your life. This insurance can be without-profits, with profits or unit-linked. In other words you can choose insurance that pays out on death a guaranteed sum only, the sum plus any bonuses that have been added, or the sum plus any additional value from the growth of the funds invested in.
An insurance policy that will cover you for your whole life, no matter how long it happens to be. Because this is maximum coverage, it is also more expensive than term life insurance.
contract with both insurance and investment components: (1) It pays off a stated amount upon the death of the insured, and (2) it accumulates a cash value that the policyholder can redeem or borrow against.
Life insurance protection that extends from policy issue to the death of the insured, or by age 100, whichever comes first. A whole life policy has fixed premium payments, a fixed death benefit and cash value accumulation.
A life insurance policy that allows benefits to be payable to a beneficiary at the death of the insured whenever that occurs. Premiums may be payable for a specified number of years (limited payment life) or for life (straight life).
Life insurance combining risk coverage and an "investment" component.
Form of life insurance policy that protects the insured's beneficiary(s) in case the insured passes away. Unless the policy lapses or is canceled, it will remain in effect for the insured's lifetime. The policyholder pays a set yearly premium that does not increase as the person ages. The cash value portion of the policy accumulates tax-deferred, and may be borrowed against in a device called a policy loan. If the loan is not repaid, the death benefit is decreased by the loan amount. Whole life insurance is also known as "permanent" life or "straight" life insurance. See: Beneficiary; Premium Income; Tax-Deferred; Universal Life Insurance; Variable Life Insurance
A plan of insurance for life, with premiums payable for a person's entire life.
The oldest kind of cash value life insurance that combines protection against premature death with a savings account. Premiums are fixed and guaranteed and remain level throughout the policy's lifetime.
Workers compensation insurance
Whole life insurance (aka ordinary life insurance) requires a level premium for life, and guarantees a minimum cash value growth included in the policy. The primary advantages of whole life are guaranteed death benefit, guaranteed cash values, fixed and known annual premiums, access to cash values, and the fact that mortality and expense charges will not reduce the cash value shown in the policy. The primary disadvantages of whole life are premium inflexibility, and the internal rate of return in the policy may not be competitive with other savings alternatives on a tax free basis.