whole life insurance

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Related to Whole Life Insurance Policy: Term Life Insurance Policy, Universal Life Insurance Policy

whole life insurance

n.
Insurance that provides death protection for the insured's entire lifetime.
ThesaurusAntonymsRelated WordsSynonymsLegend:
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"
References in periodicals archive ?
For example: empty nesters may want to restructure their auto policy since the kids aren't driving the parents' cars anymore; or a whole life insurance policy could be tweaked to bring more value.
Ask your life insurance company whether you have the option of "conversion privileges" from your current term life insurance policy to a new whole life insurance policy. You may also be able to expand your death benefit so it can be used while you are still living.
Advisors helped them set up a Section 412(i) defined benefit retirement plan, funded with a whole life insurance policy. The Chois allege that the Section 412(i) strategy recommended was too aggressive and brought on an Internal Revenue Service audit.
These customers might have preferred the long-term security of a whole life insurance policy, but simply couldn't afford it and instead decided to buy a term life policy.
When a whole life insurance policy is coupled with an increasing whole life rider plus a term insurance rider, and the amount of coverage provided under the term rider increases or decreases solely in relation to the amount of coverage provided by the base policy and whole life rider, the IRS has ruled privately that the policy's "future benefits" for purposes of IRC Section 7702A(b) are equal to the aggregate amount of insurance coverage provided under the base policy, the whole life rider, and the term insurance rider at the time the policy is issued.
"The time to buy a nice whole life insurance policy that can build a reasonable cash value is right after school, when the cost is low and insurability is all but certain.
To do that successfully, there was never any question whether life insurance would be part of the process; it was simply standard operating procedure to include a whole life insurance policy as an asset in a defined benefit plan within the "incidental benefit" limits prescribed by the IRS.
But if the same client attempted to achieve balance between two correlated asset types--meaning he decides earlier in life to invest so that he ends up with just $1 million in retirement accounts and purchases a whole life insurance policy for the same amount in death benefit-- then, at retirement, he could trade the first $1 million for an income annuity.
Your client, Peter, is a high net worth client in his late forties who is considering investment in a whole life insurance policy because of the associated tax benefits.
I have a whole life insurance policy but am looking to pick up additional term life insurance.
A whole life insurance policy will certainly provide benefits for your client's family if they pass away prematurely.