Life insurance which 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. see also variable life, universal life, term insurance, combination plans, single-premium life insurance.
A traditional type of life policy (not universal or variable) which provides coverage for the “whole life” of the insured, rather than for a specific term period. The proceeds are paid at the insured's death or at the age specified in the policy, usually age 100 or more, when the insured survives that long.
A policy remaining in full force and effect for the life of the insured with premium payments being made for the specified period. Also known as Ordinary Life.
A type of life insurance that provides protection for life or until you reach age 100. If you live to 100, the insurance would end, and the insurance company would send you a check for the face value of the policy. If you die before 100, the insurance company will pay your beneficiaries the death benefit.
A life insurance policy where the payments are fixed for life. These policies have a guaranteed cash value.
A life insurance policy that runs for the whole life - that is, until death (except that it will pay the face amount at the ultimate age on the mortality table being used because, as far as that table goes, that age is death for all surviving insureds). Premiums for a WHOLE LIFE policy may be paid for the whole life or for a limited period during which the higher premium charged pays up the policy.
Cash value policy designed to cover a policyholder for a lifetime. All elements of the policy—the cash value, death benefit, and the premium—are fixed when the policy is issued. Cash values grow according to a schedule spelled out in the policy. Such insurance may or may not pay dividends.
a basic type of permanent life insurance which can provide lifetime protection at a level premium; generally builds a cash value.
this type of insurance policy runs for the length of the policyholder's life and will pay out on maturity or in event of the policyholder's death.