Definition of whole life insurance in US English:

whole life insurance


  • Life insurance that pays a benefit on the death of the insured and also accumulates a cash value.

    Compare with term life insurance
    • ‘The purchase of a whole life insurance policy on a child can be compared to using a seatbelt for your children.’
    • ‘If you're setting aside money to leave as an inheritance, first check term and whole life insurance policies, particularly if you're young.’
    • ‘They basically consist of three categories: whole life insurance, term life insurance and universal life insurance.’
    • ‘Most financial service professionals recommend including whole life insurance as part of your financial plan, but how much insurance is going to take some research and advice from a professional.’
    • ‘The percentage of expenses to premiums for whole life insurance usually varies between 10 percent to 40 percent.’
    • ‘Young breadwinners simply cannot afford adequate protection with whole life insurance and, typically, end up either grossly underprotected with a lapsed policy or both.’
    • ‘This type of whole life insurance puts your premiums in short-term investments.’
    • ‘Many younger people don't realize how beneficial whole life insurance can be to them simply because of their age.’
    • ‘Currently, he has a $250,000 whole life insurance policy with Northwestern Mutual that is $190 per month.’
    • ‘For some policies - like whole life insurance - you could wait 20 years to break even!’