whole life insurance

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Related to Whole of Life Policy: life insurance, Whole 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 ?
Across 30 years, that would be an extra PS8,654 in premiums at a total of PS15,480, compared to PS6,825 for a Whole of Life policy.
The solution is to affect a Whole of Life policy with a sum assured equal to this IHT liability.
Personally I don't recommend mixing savings and insurance within the same plan, which is exactly what the whole of life policy does.
If the property does not qualify for the relief then I suggest you consider looking at a whole of life policy written on your life but with the benefits in trust for the beneficiaries of your estate.
A YOU probably have a whole of life policy which has undergone a 10-year review.
Ask an IFA for a full review to consider a trust or suitable whole of life policy which could cover the IHT due.
Barry says critical Illness cover can be arranged on a stand-alonebasis; added to a Whole of Life policy and/or Term Assurance (specifiedperiod), the latter being suitable for an additional form of mortgage protection cover.
Another option is for a husband and wife to take out a joint life Whole of Life policy (in trust for the beneficiary), the proceeds of which could be used to pay off any IHT liability.