Traditional Whole Life Policy

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Traditional Whole Life Policy

A life insurance policy with no expiration date. That is, a traditional whole life policy provides coverage for the entire life of the policyholder (provided he/she continues to make premium payments). When the policyholder dies, his/her beneficiaries receive the death benefit. Traditional whole life policies also include a cash surrender value, allowing the policyholder to recover part of the premium he/she has invested in the policy should he/she ever decide to cancel the policy.
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Most plans are traditional whole life policies with guaranteed premiums and a guaranteed face amount with non-forfeiture options.
Conversion policy choices to a variety of permanent policies including traditional whole life policies that are eligible for dividends which are not guaranteed.
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