Whole Life Insurance Definition

noun
Life insurance that provides coverage over the entire lifetime of the policyholder: its fixed premiums establish a cash value that may be borrowed against.
Webster's New World
Synonyms:
  • straight life insurance
  • ordinary life insurance

Whole Life Insurance Sentence Examples

  • Choosing a whole life insurance policy will provide the insured with coverage for his or her lifetime.

  • When a person takes out a whole life insurance policy, also referred to as permanent life insurance, the coverage stays in effect for the insured's entire life and in most instances, the premium does not change.

  • Traditional whole life insurance guarantees a minimum rate of return on the cash value of the insurance policy.

  • Interest sensitive whole life insurance provides a variable rate of interest on the cash value portion of the insurance policy.

  • Single premium whole life insurance is purchased in one lump sum payment.

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