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whole life insurance
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whole life insurance


The sales agent convinced us we should buy whole life insurance even though it cost more.
  insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the remaining lifetime of the insured — typically there is also a savings plan attached (with some tax shelter)
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Strongly Associated with:   term life insurance
Notes:
It is very difficult to analyze whole life policies and there are typically heavy penalties for dropping the policy as is frequently done after the first few years. Accordingly, many people opt for term insurance so they can get a more affordable, and more easily understood policy that provides protection during the years when they are likely to most need it.
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Samples:
  • The sales agent convinced us we should buy whole life insurance even though it cost more.
  • Unlike other forms of insuranceespecially whole life insurance, which is a far more complicated financial instrument—term life policies are fairly homogeneous: any given thirty-year, guaranteed policy for $1 million is essentially identical to the next.
    Steven D. Levitt & Stephen J. Dubner  --  Freakonomics
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Associated words [difficulty]:   whole life insurance [9] , term life insurance [8] , mortality [2] , death benefit [7] , term life insurance [8] , claims adjuster [9] , liability insurance [9] , reinsurance [9] , death benefit [7] , term life insurance [8]
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Most commonly used in these subjects:   Personal Finance, Business
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