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Whole life insurance [link widoczny dla zalogowanych] may be sometimes be branded as permanent or ordinary life insurance. Here is a closer look at this type of life insurance policy.
A definition of whole life insurance:
* It is a life insurance policy that offers death protection for the insured person's whole lifetime.

* An insurance payout is made to the contract's beneficiaries when the contract holder dies.
* It includes an investment part which may gather a cash value that the policyholder can borrow against.
* It presents a withdrawal clause [link widoczny dla zalogowanych] which allows the contract holder to terminate her coverage and collect the cash surrender value.
* The policyholder typically pays a level premium which does not rise as the person ages.
* The earnings on the cash value of the [link widoczny dla zalogowanych] policy gathers tax-deferred.
* The insured person may borrow money against the policy's cash value in the form of a policy [link widoczny dla zalogowanych] loan.
Different types of whole life insurance policy:
* Single premium whole life insurance.
A limited payment [link widoczny dla zalogowanych] whole life insurance policy with one relatively large premium payment due at issue. The policy is fully paid up and no further premiums are required. Due to the single premium payment the policy will have an immediate cash and loan value.
* Indeterminate premium whole life insurance.
An indeterminate premium whole life policy is similar to ordinary whole life plan of insurance except that it provides for adjustable premiums.
* Level premium whole life insurance.
Level premium whole life insurance features premium payments that are level and are required to be paid as long as the insured is living.
* Limited payment whole life insurance.
If you [link widoczny dla zalogowanych] want to pay [link widoczny dla zalogowanych] premiums for a limited time, the limited payment whole life policy gives you lifetime protection but requires only a limited number of premium payments. Limited payment plans can provide for the payment of premiums for [link widoczny dla zalogowanych] a set number of years.
* Non-Participating whole life insurance.
A non-participating whole life policy has a level premium and face amount during your entire life. Since the policy is non-participating it does not pay you any dividends.
* Participating Whole Life Insurance

A participating whole life policy pays dividends. Dividends may be paid out in cash.
* Child whole life insurance.
Parents or grandparents may consider buying child life insurance. Child life insurance premiums are substantially less expensive. Child [link widoczny dla zalogowanych] life insurance guarantees your child life insurance protection for the rest of their lives. However, you may want to be careful about using whole life insurance to [link widoczny dla zalogowanych] support a college tuition.
Wealthy people may sometimes use whole life insurance policies as an estate-planning medium. They [link widoczny dla zalogowanych] may set up an insurance trust to apply the earnings of the policy to their estate taxes when they die. That may save their inheritors the sizeable cost of settling the [link widoczny dla zalogowanych] estate.
That was a closer look at the definition of whole life insurance and the whole life insurance policy. You may still want to find more specific answers about life insurance. I suggest you to look for the answers to your questions either online or feel free to ask your local life insurance company lawyer.
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