Whole of life insurance, or whole life assurance (in the Commonwealth nations), sometimes called “straight life or ordinary life” is a life insurance policy which is guaranteed to remain in force for the insured’s entire lifetime, provided the premiums are paid up or to the maturity date of the policy, A whole of life insurance policy is represented as a contact between the insured and the insurer for the insurer to pay a death benefit to the policies beneficiaries when the insured dies.

Because whole of life insurance policies are guaranteed to remain in force as long as the required premiums are paid typically Whole of Life Insurance will have higher premiums. Whole of Life premiums are fixed, based on the age when issued and usually do not increase with age. The insured normally pays premiums until dead, except for limited pay policies which may be paid-up in 10 year, 20 year or at the age of 65. Whole of Life Insurance belongs to the cash value category of life insurance, which also includes universal life, variable life, and endowment policies.

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