Whole Life Insurance (Noun)
Meaning
Insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The financial advisor recommended that his client purchase a whole life insurance policy to ensure a guaranteed payout to his beneficiaries.
- Whole life insurance, also known as permanent life insurance, provides coverage for the insured's entire lifetime as long as premiums are paid.
- She opted for a whole life insurance policy instead of term life insurance to accumulate a cash value over time.
- The insurance company offered a whole life insurance plan with a guaranteed death benefit and a fixed premium that would remain the same for the life of the policy.
- He purchased a whole life insurance policy when his children were young to ensure that they would receive a financial safety net regardless of when he passed away.