Traditional Whole Life Policy(redirected from Traditional Whole Life Policies)
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.