Whole life insurance

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Related to Whole Life Insurance Policies: Cheap Life Insurance, Permanent life insurance, Term Life Insurance Policies

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 ?
The cash value of whole life insurance policies also creates financial flexibility(3) in the event of unexpected life events, such as a job loss, or to help cover future costs, such as college tuition.
dollar whole life insurance policies in the United States as well as world-wide and through the acquisition of other life insurance companies.
The cash value of whole life insurance policies also creates financial flexibility because policy owners can tap into it* in the event of unexpected life events, such as a job loss.
dollar whole life insurance policies overseas as well as in the United States and through the acquisition and merging of other life insurance companies.
27 /PRNewswire/ -- Retirees who are able to supplement their retirement income during economic downturns by tapping the cash values of their whole life insurance policies could have a secret weapon to keep their plans on track during future recessions, according to planning scenarios studied by Massachusetts Mutual Life Insurance Co.
dollar whole life insurance policies in the United States as well as worldwide and through the acquisition of other life insurance companies.
Whole life insurance policies build cash value and pay a death benefit, but are more expensive.
dollar whole life insurance policies world-wide and through acquisition of other life insurance companies.
At the time of the company's demutualization and public offering in 1998, a closed block consisting mainly of participating whole life insurance policies was established.
Dollar-denominated whole life insurance policies, coupled with the acquisition of other life insurance companies.
The closed block is primarily comprised of participating whole life insurance policies with significant seasoning and broad geographic distribution.