Glossary

Whole Life Insurance

DEFINITION

Whole life insurance pays a benefit to your family when you die and may also cover total permanent disability and critical illness. Unlike term insurance, it provides coverage for your entire lifetime and usually adds annual cash bonuses into the policy.

ELI5

It is life insurance that can last your whole life instead of only for a fixed number of years. It may also build extra cash bonuses over time.

Other related terms

Balance Transfer

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Accident Insurance

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Robo-Advisors

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No Claim Discount (NCD)

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