whole life insurance policy meaning
[Finance]
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.
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.
- traditional whole life policy: [Finance]A type of ...
- whole {(of) }life policy: [Economics]A life- ...
- whole {(}of{)} life policy: [Economics]A life- ...
Examples
More: Next- I bought a whole life insurance policy on each of my grandsons when they were born.
- Thus, many are using whole life insurance policies as a retirement funding vehicle rather than for risk management.
- With whole life insurance policies, premium payments are fixed and remain the same from the original effective date to maturity.
- If you haven't paid for your funeral, take out a whole life insurance policy for enough to cover the costs.
- The agreement also relieves the union of having to pay premiums on a $ 500, 000 whole life insurance policy for Hanley.
