Define whole life insurance plan – These policies also include a savings component which accumulates a cash value. Whole life insurance provides coverage for the life of the insured.
Whole life insurance or whole of life assurance sometimes called straight life or ordinary life is a life insurance policy which is guaranteed to remain in force for the insured s entire lifetime provided required premiums are paid or to the maturity date.
Define whole life insurance plan. As a life insurance policy it represents a contract between the insured and insurer that as long as the contract terms are met the insurer will pay the death benefit of the policy to the policy s beneficiaries when the insured dies. Whole life is a type of life insurance contract that provides insurance coverage of the contract holder for his or her entire life. In addition to paying a death benefit whole life insurance also contains a savings component in which cash value may accumulate. Define whole life insurance plan
In the beginning you and the insurance company will decide your policy amount what they call the death benefit this is the sum that will be paid to your loved ones or beneficiaries when you die. Whole life insurance is known as a type of permanent life insurance meant to be in place for your entire life. Upon the inevitable death of the contract holder the insurance payout is made to the contract s beneficiaries. Define whole life insurance plan