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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]
It offers three whole life options: a standard whole life policy; Custom Whole Life, which allows you to enhance cash value growth or opt for higher premiums within a shorter duration; and Secure ...
Whether you prefer term or whole life insurance will depend on many factors. Find out how these types of life insurance differ and what each option entails.
Key takeaways. Many term life policies let you switch to permanent coverage, like whole life or universal life, without undergoing a medical exam.
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 .
Whole Life (Policy from Liberty Mutual): Male: $123/month. Female: $104/month. While whole-life policies are considerably more expensive, they offer the advantage of building cash value over time ...
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