Definition of "Whole Life Insurance"

A plan of insurance for life, with premiums payable for a person's entire life.

Also called straight life. Life insurance on which the premiums are paid for the entire life of the insured. It provides needed funds if the insured dies too soon or lives too long.

A form of cash value life insurance that is designed to remain in force for the life of the insured. The policy generally has a level premium and level death benefit. Modified premium schedules are also available, e.g. '10-pay whole life' and '20-pay whole life'. Also see Life Product Comparison.