Definition of whole life insurance in English:
Life insurance that pays a benefit on the death of the insured and also accumulates a cash value. Compare with term life insurance.
- The percentage of expenses to premiums for whole life insurance usually varies between 10 percent to 40 percent.
- Young breadwinners simply cannot afford adequate protection with whole life insurance and, typically, end up either grossly underprotected with a lapsed policy or both.
- Currently, he has a $250,000 whole life insurance policy with Northwestern Mutual that is $190 per month.