Definition: Whole life insurance, also known as whole-life or whole-risk coverage, is a type of insurance policy that provides protection for your entire lifetime. The main difference between whole life and other types of insurance policies is their coverage period. Whole life insurance typically lasts longer than term insurance, which ends when the insured's death occurs. The length of the coverage can vary from 10 to 59 years, with many people choosing to have it for a maximum of 70 years. Whole-life policies also require that you make regular payments throughout your life. They are often sold as an option on policy forms and can be purchased online or by calling a customer service representative at the insurer's office. In contrast, term insurance is sold only when you purchase it. The coverage period is usually shorter than whole life insurance. Term policies typically have no guaranteed start date but instead allow you to buy them early in your life if you want to protect your assets before they are needed. Whole life insurance provides a steady income stream during the insured's lifetime, while term insurance often includes an option for a lump sum payment or an early payment option. Whole-life and term policies can also be sold as options on policy forms, so it is important to understand the differences between them when comparing different products.
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