Traditional Whole Life Policy

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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A well-funded UL policy can be as secure as a traditional whole life policy.
Answer--CAWL may initially be configured to resemble a traditional whole life policy with level premiums payable for life or as a limited pay policy where higher level premiums are paid for some specified period, such as 10, 15, or 20 years, or until age 65.
However, in the event that favorable performance does not actually occur, the required premium payment as guaranteed at issue may actually be slightly higher than it would have otherwise been under a comparable traditional whole life policy.
Whole Life Insurance--A traditional whole life policy provides both a death benefit and a cash value component.
Option B operates in a manner similar to the death benefit one would receive from a traditional whole life policy with a term insurance rider that is equal to the current cash value.
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