Whole Life Insurance
/ˌhoʊl laɪf ɪnˈʃʊərəns/
Definitions
- (n.) A type of permanent life insurance that provides coverage for the insured's entire lifetime, featuring fixed premiums and a cash value component.
She chose whole life insurance to ensure lifelong financial protection for her beneficiaries.
Forms
- whole life insurance
Related terms
See also
Commentary
Whole life insurance is characterized by lifelong coverage and a savings element; distinguish it from term life insurance that covers a fixed period.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.