Define Whole Life Insurance at Life

Define Whole Life Insurance. As the name suggests, a whole life insurance policy is a permanent type of life insurance plan, meaning it covers you until you die, provided you continue to pay premiums. Whole life insurance is known as a type of “permanent” life insurance, meant to be in place for your entire life.

Whole life insurance is a type of permanent life insurance contract that covers the insured individual — usually the policy owner — until they die or reach 100 years of age, whichever occurs first. Whole life insurance is known as a type of “permanent” life insurance, meant to be in place for your entire life. The policy's cash value grows over time at a rate set by your insurer.

Is It a Win or Fail to Die With Money? “You Can’t Take It

Generally, the type of people who choose whole life insurance are those “bread winners” who are wanting to leave a “nest egg” for their family when they die. As the name suggests, a whole life insurance policy is a permanent type of life insurance plan, meaning it covers you until you die, provided you continue to pay premiums. Whole life insurance premiums never increase as a. A type of life insurance contract that provides for insurance coverage of the contract holder for his/her entire life.