Definition: "Whole-life insurance" refers to an insurance policy that covers a single person's lifetime or entire life, regardless of whether they will live for many years in total. This means that if someone dies unexpectedly before their death benefit begins to pay out, they will be paid off as soon as they die. Definition: "A whole life insurance policy is one where the coverage lasts until the date of death and typically covers a person's lifetime or entire life."
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