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whole life insurance
(redirected from Permanent life insurance)

   Also found in: Financial, Wikipedia 0.01 sec.
whole life insurance
n.
Insurance that provides death protection for the insured's entire lifetime.
ThesaurusLegend:  Synonyms Related Words Antonyms
Noun1.whole life insurance - 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 entire lifetime of the insured
life assurance, life insurance - insurance paid to named beneficiaries when the insured person dies; "in England they call life insurance life assurance"


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In contrast permanent life insurance provides protection for your entire life (provided premiums are paid) and accumulates cash value tax-deferred.
Term life insurance – A plan that is set for a certain period of time, up to 30 years, that pays off a specified amount when you die Whole life insurance – A permanent life insurance policy that gains equity over time.
So, for a senior couple it is important to lock in a permanent life insurance policy that will be there for your entire life before your health deteriorates.
 
 
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