One of the mysteries of the English language finally explained.
Relating to or denoting a life insurance policy that pays a specified amount only on the death of the person insured.
- ‘He recently received a letter from his insurer telling him his whole-life policy was about to lapse.’
- ‘Split-dollar insurance is the practice by which a company takes out a whole-life insurance plan in an executive's name and splits the annual premium payments with him or her.’
- ‘If you bought their whole-life Financial Guardian policy and paid premium for 13 years, you were set for life.’
- ‘Universal and whole-life policies (which have a savings or investment component) cost more but accrue cash value as you go and are guaranteed renewable as long as you live.’
- ‘Max New York Life insurance Company has decided on a maiden cash bonus to its whole-life policy-holders.’
- ‘Some of its new products are risky, such as a whole-life insurance policy that invests 15% of its premiums in the volatile local stock markets.’
- ‘Those who bought whole-life insurance policies a decade or so ago were probably told that they would have to pay premiums for about 10 years.’
- ‘You could also take a loan from a whole-life insurance policy that has accumulated value over time.’
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