whole life insurance
Definition
Life insurance policy that (1) normally covers an individual until his or her death, unless it lapses due to non-payment of premium or is cancelled, (2) builds up a cash value (called cash surrender value), (3) pays a fixed death benefit, and (4) where (unlike in a term life insurance) the premium amount remains constant despite the advancing age of the insured. The insured or policyholder may obtain a loan (called policy loan) against the accumulated cash value. Also called continuous premium whole life insurance, ordinary life insurance, permanent life insurance, or straight life insurance.
News containing the term whole life insurance
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