Whole Life Insurance
Posted in: Insurance
define: Whole Life Insurance
A permanent life insurance plan that guarantees the cost of the premium, the amount of the death benefit, and the amount of the cash value, guaranteed for the insured’s life, as long as premiums are paid on time and the insured does not surrender the policy. Participating whole life plans pay dividends, though amounts depend on the company’s investment performance, and may not be guaranteed.
A permanent life insurance plan that guarantees the cost of the premium, the amount of the death benefit, and the amount of the cash value, guaranteed for the insured’s life, as long as premiums are paid on time and the insured does not surrender the policy. Participating whole life plans pay dividends, though amounts depend on the company’s investment performance, and may not be guaranteed.
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