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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]
Term life insurance is simple. The policy offers no cash value unless the insured person passes away. If the insured person outlives the policy, their beneficiaries would receive no benefit.
That includes whole life insurance, which is a type of permanent life insurance policy that remains in place for your entire life and guarantees a death benefit as long as premiums are paid.
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 ...
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 ...
Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade". [1] Its concern is thus the interrelation of financial variables, such as share prices, interest rates and exchange rates, as opposed to those concerning ...