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From The Glossary »

Whole-Life Insurance:

This is a variation on term insurance. In the case of universal life policies the life office undertakes to pay the greater of the sum insured or investment account upon the death of the life insured whenever that may take place. For conventional policies the sum insured (including bonuses, if applicable) is paid out. There are, however, a number of variations on the premium payment term, for premiums can be arranged to cease at a defined age or ...

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