Whole Life Insurance
Definition
- A form of permanent life insurance that provides lifetime protection and consistent premiums. Whole life insurance can act as tax-efficient vehicle for transferring money to beneficiaries after the policyholder's death, whenever that might be.
Synonyms
fixed premium, life-time protection, investment, permanent insurance
Related Terms and Acronyms
- Convertible Life Insurance — Definition,
- A type of term life insurance policy that has the option to be converted into a permanent life insurance policy such as whole or universal life insurance.
- Death Benefit (DB) — Acronym, Very Important,
- A payment or series of payments made to the beneficiaries of a life insurance policy.
➥ An amount paid to a beneficiary in a life linsurance policy. - Fixed Premium — Definition,
- Insurance or annuity premiums that stay level for a specific period of time.
- Life Insurance — Definition, Very Important,
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
➥ CanEquity offers life insurance. - Permanent Life Insurance — Definition,
- A class of life insurance policies, which include both universal and whole life insurance, with guaranteed death benefits at the end of their terms.
- Single-Premium Life Insurance — Definition,
- Life insurance where all premiums are paid up front in a single lump sum payment.
- Universal Life Insurance — Definition,
- A form of life insurance that offers flexible investment options and tax efficiency for estate management.
- Vanishing Premium Policy — Definition,
- A life insurance policy where policy dividends are used to pay the policy's premiums.
- Viatical Settlement — Definition,
- A contract where an individual agrees to sell his or her life insurance policy to a third party before their death.
- With-Profits Policy — Definition,
- Insurance that pays the policyholder a portion of the insurer's profits.
