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
permanent insurance, fixed premium, investment, life-time protection

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.
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