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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]
Key takeaways. 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.
Benefits. Term Life Insurance. Whole Life Insurance. Duration. Varies; can last for a period of years or to a specific age. Life. Cost. Variable, but usually lower than whole life policies
Yes, in many cases, you can convert your term life insurance into permanent coverage, such as whole life insurance. This option, often included in term policies, allows you to extend your life ...
Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...
Whole life insurance: Your death benefit remains active as long as you pay your premiums, meaning the policy will pay a lump sum at the end of the policyholder’s life. In addition, premiums ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".