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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
 
 Related Terms
 

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