whole life insurance
Lifelong death benefit
Whole life insurance is a policy that covers the insured for their entire lifetime, not just a fixed term.
Premiums remain constant, and the policy accumulates cash value that can be borrowed against or withdrawn.
It combines a death benefit with a savings component: She took out a whole life policy at thirty and never had to worry about renewal.
- cash valueConvertible monetary worth
- face valuePrinted denomination shown
- annuitiesPeriodic fixed payments
- premium paymentsRecurring insurance charges
- death benefitPayment upon policyholder's passing
wealth accumulation · nest egg · endowments · dividends · compound interest · tax implications · trusts · riders · opportunity cost · legacy planning · financial security · peace of mind · mutual funds · bonds · savings accounts · fiduciary duty · stocks · retirement accounts
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