Whole life insurance - 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.
In the US, a life insurance policy, with level premiums, which provides a stated benefit on the death of the life insured and a savings element which accumulates a cash value. The dividends or interest are allowed to build up tax-deferred. The insured is able to redeem the cash value or borrow against it in what is known as a policy loan. Any part of a loan which is unpaid at the death of the insured is deducted from the face value.
Whole life insurance : 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.
in the us, a life insurance policy, with level premiums, which provides a stated benefit on the death of the life insured and a savings element which accumulates a cash value. the dividends or interest are allowed to build up tax-deferred. the insured is able to redeem the cash value or borrow against it in what is known as a policy loan. any part of a loan which is unpaid at the death of the insured is deducted from the face value.
Whole life insurance