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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]
If whole life or term life policy isn’t right for your needs, here are some other options to consider. Universal Life Insurance Universal life insurance is a permanent policy that provides ...
Life insurance is frequently overlooked as part of a financial plan, but it can be a critical addition to your basic financial security. Part of the reason why life insurance is often maligned is ...
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.
Pre-need life insurance policies are limited-premium whole life policies that are usually purchased by older applicants, though they are available to everyone. This type of insurance is designed to cover specific funeral expenses that the applicant has designated in a contract with a funeral home .
Term life insurance can be contrasted to permanent life insurance such as whole life, universal life, and variable universal life, which guarantee coverage at fixed premiums for the lifetime of the covered individual unless the policy is allowed to lapse due to failure to pay premiums. Term insurance is not generally used for estate planning ...
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