What does whole life insurance mean?
In simple words, whole life insurance means insurance on the life of an insured person for a fixed amount at a definite premium which is to be paid each year in the same amount during the entire life of an insured person. It is a type of permanent life insurance, as long as the premiums are paid by the insured person the insurance policy will last for a person's lifetime. The policy will pay a specified amount to the beneficiaries upon the death of the insured person.