Whole Life Insurance
Also known as straight life or permanent life, this insurance may be kept in force for a person's whole life and pays a benefit upon the person's death. All whole life policies build up nonforfeiture values, but they are paid for in 3 different ways. Under a straight or ordinary life policy, premiums are paid for as long as the insured lives. A single premium policy is paid for at one time in one premium. Between these two types there are many limited-payment plans, under which the insured pays premiums for a certain period or until reaching a certain age. Contrast with Term Insurance.
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