whole life insurance policy meaning

A life insurance contract with level premiums that has both an insurance and an investment component. The insurance component pays a stated amount upon death of the insured. The investment component accumulates a cash value that the policyholder can withdraw or borrow against.


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  1. I bought a whole life insurance policy on each of my grandsons when they were born.
  2. Thus, many are using whole life insurance policies as a retirement funding vehicle rather than for risk management.
  3. With whole life insurance policies, premium payments are fixed and remain the same from the original effective date to maturity.
  4. If you haven't paid for your funeral, take out a whole life insurance policy for enough to cover the costs.
  5. The agreement also relieves the union of having to pay premiums on a $ 500, 000 whole life insurance policy for Hanley.

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