Okuzeka
Insurance vocabulary · Life & Health Insurance

Whole life insurance

Meaning in insurance, with examples

nounAdvanced term

In insurance, whole life insurance means: Life insurance that lasts for the person's whole life as long as premiums are paid, and usually builds up a cash value over time.

In Turkish: ömür boyu hayat sigortası, tam hayat sigortası

How it is used

More expensive than term cover because a payout is certain at some point. Popular in the US for estate planning and less common in the Turkish market. Also called 'permanent life insurance'.

Example sentences

  1. Whole life insurance premiums stay the same for life but are much higher than term premiums.

  2. He bought a whole life insurance policy to leave money to his grandchildren.

Common collocations

  • whole life insurance policy
  • whole life cover
  • cash value
  • whole of life
  • life insuranceInsurance that pays a sum of money to the named beneficiaries when the insured person dies, and in some products also builds up savings.
  • term life insuranceLife insurance that covers a person for a fixed number of years and pays only if the person dies during that period; it has no savings value.
  • surrender valueThe amount of money a policyholder receives if they cancel a savings-type life policy before it ends.
  • beneficiaryThe person or organisation named in a policy to receive the money, for example the family member who is paid when the insured person dies.

More terms: Life & Health Insurance

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This page explains English vocabulary for learners. It is not financial advice.