What Is Whole Life Insurance?

Whole life insurance, also known as traditional life insurance, provides permanent death benefit coverage for the life of the insured.

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Key Takeaways

• Whole life insurance lasts for an insured's lifetime, as opposed to term life insurance, which is for a specific amount of years.​​​

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• Whole life insurance is paid out to a beneficiary or beneficiaries upon the insured's death, provided the policy was in force.