whole life insurance

Popular Terms
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.

Use 'whole life insurance' in a Sentence

My mother cashed out her whole life insurance policy prior to her death to retrieve the cash value and invest it instead.
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My husband took out a Whole Life Insurance Policy in 1997 when he had a cancer scare, because he wanted to make sure we would be able to be buried and hopefully leave something for our children.
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The benefit of whole life insurance can be a big one to prospective employees and may help you get the most qualified candidates.
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