Life insurance which provides coverage for an individual's whole life, rather than a specified term. A savings component, called cash value or loan value, builds over time and can be used for wealth accumulation. see also variable life, universal life, term insurance, combination plans, single-premium life insurance.
A traditional type of life policy (not universal or variable) which provides coverage for the “whole life” of the insured, rather than for a specific term period. The proceeds are paid at the insured's death or at the age specified in the policy, usually age 100 or more, when the insured survives that long.