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Whole life insurance

• Individual life insurance protection which pays benefits to a beneficiary or beneficiaries when the insured dies; a savings amount, called the cash value, builds over time and can be used to accumulate wealth (and is available for loans).

• A contract with both insurance and investment components: (1) It pays off a stated amount upon the death of the insured, and (2) it accumulates a cash value that the policyholder can redeem or borrow against.

 
 Embedded terms in definition
 Beneficiary
Borrow
Cash
Contract
Life insurance
Time
 
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Helping Disabled or Elderly Relatives With Money Management, Even From Far Away: Millions of people serve as financial caregivers for ill or elderly spouses, parents, children or other loved ones. They perform services that include paying bills, handling deposits and investments, filing insurance claims and preparing taxes. Because this role can be costly and physically and emotionally exhausting, especially for a caregiver who lives far away or has the usual time-demands, FDIC Consumer News offers some suggestions. More...

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