Whole life insurance

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Whole life insurance

A contract with both insurance and investment components: (1) It pays off a stated amount upon the death of the insured, and (2) it accumulates a cash value that the policyholder can redeem or borrow against.

Whole Life Insurance

A life insurance policy with no expiration date. That is, a whole life insurance policy provides coverage for the entire life of the policyholder (provided he/she continues to make premium payments). When the policyholder dies, regardless of when that is, his/her beneficiaries receive the death benefit. Whole life insurance 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.

whole life insurance

Whole life insurance.

A whole life insurance policy is a type of permanent insurance that provides a guaranteed death benefit and has fixed premiums.

This traditional life insurance is sometimes also known as straight life insurance or cash value insurance.

With a whole life policy, a portion of your premium pays for the insurance and the rest accumulates tax deferred in a cash value account. You may be able to borrow against the cash value, but any amount that you haven't repaid when you die reduces the death benefit.

If you end the policy, you get the cash surrender value back, which is the cash value minus fees and expenses. However, ending the policy means you no longer have life insurance and no death benefit will be paid at your death.

References in periodicals archive ?
Both killers were convicted in December but their sentencing was delayed because of a European Court ban on whole life sentences which was overturned by the Appeal Court last week.
I asked the Court of Appeal to look again at McLoughlin's original sentence because I did not think the ECHR had said anything which prevented our courts from handing down whole life terms in the most serious cases.
Max Life Life Perfect Partner Super is claimed to be a simple, affordable solution towards a secure and risk free retirement planning, while Max Life Whole Life Super has been designed to outlive you, ensuring protection till age 100.
The problem is, even though many term life insurance policies can be automatically converted to whole life without an exam, people almost never do it because they weren't properly educated in the benefits of whole life insurance.
Bridger, a former slaughterhouse worker, was given a whole life sentence by trial judge Mr Justice Griffith Williams after he was convicted by a jury at Mold Crown Court of April's abduction and murder and perverting the course of justice by unlawfully disposing of, destroying or concealing her body.
It is different from whole life insurance because the amount that can be provided to the beneficiary can always be adjusted throughout the length of the plan.
In a review of four separate appeals against whole life sentences, a panel headed by the Lord Chief Justice wrote that "a whole life order imposed as a matter of judicial discretion as to the appropriate level of punishment and deterrence, following conviction for a crime of utmost seriousness, would not constitute inhuman or degrading punishment.
99 pb (Piccadilly) WHO do you trust when you discover your whole life has been a lie?
Bellfield was given a whole life term in June 2011 after being found guilty of abducting and killing the 13-year-old following the Old Bailey trial.
We are pleased the European court has upheld the whole life tariff as a legitimate sentence in British courts.
Secure Solutions Single Premium Whole Life 410-581-6600 / www.
Whole life insurance sales improved 6 percent in the third quarter of 2010 and grew 15 percent in the first nine months of 2010, according to LIMRA's U.