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Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life", is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. [1]
Whole life insurance is primarily a way to provide a death benefit — not to serve as an investment. ... premium, name of the insured, policy issue date and number and the rate class. Definitions ...
Whole life insurance is a permanent policy that remains in force for your entire life, as long as premiums are paid and guarantees a death benefit.
These policies are often low face value whole life insurance policies, allowing individuals (ages 50-90) to purchase affordable insurance later in life. These may also be marketed as final expense insurance or burial insurance and usually have death benefits between $1,000 and $50,000.
Insurance is a means of protection from financial loss in which, in exchange for a fee, ... To "indemnify" means to make whole again, or to be reinstated to the ...
With whole life insurance, you pay a fixed premium. Over time, the policy can accrue cash value, which is money that is accessible to you while you’re still alive.
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