A life insurance policy with premiums that are paid for as long as the insured lives.
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Whole life insurance belongs to the cash value category of life insurance, which also includes universal life, variable life, and endowment policies. The other major form of life insurance is term life, which may be individual term policies or group term certificates. As a general rule, term life is intended for temporary use and has no cash value.
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News On Ordinary life insurance. Nippon Life to hike stake in Rel Life, Rel MF: Anil Ambani. 30-09-2015| Source:PTI. In Reliance Life, Nippon plans to hike the stake from 26 percent to 49 percent, while it would increase its holding in Reliance Capital Asset Management Company from 35 percent to 49 percent.
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whole life insurance-insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured.
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The death benefit of a whole life policy is normally the stated face amount. However, if the policy is participating, the death benefit will be increased by any accumulated dividend values and/or decreased by any outstanding policy loans.
https://en.wikipedia.org/wiki/Whole_life_insurance
• ORDINARY LIFE INSURANCE (noun). The noun ORDINARY LIFE INSURANCE has 1 sense: 1. insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured. Familiarity information: ORDINARY LIFE INSURANCE used as a noun is very rare. Dictionary entry details. • ORDINARY LIFE INSURANCE (noun).
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The cash value in ordinary life policies is known because insurance companies typically guarantee that the cash value will grow at a specified rate. This guarantee is made independent of the company's overall financial performance. Universal life policies make no such guarantee.
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However, some whole life contracts offer a rider to the policy which allows for a one time, or occasional, large additional premium payment to be made as long as a minimal extra payment is made on a regular schedule. In contrast, universal life insurance generally allows more flexibility in premium payment.
https://en.wikipedia.org/wiki/Whole_life_insurance
sharing life image by feisty from Fotolia.com. Ordinary life insurance provides insurance protection for the whole life of the insured, that is, from the time of the policy's purchase until the death of the insured. It is called ordinary because the premiums remain level, unchanged for the life of the insured. In contrast, term life insurance policies provide protection for a specified term of one or more years. Other whole life policies can have flexible premium payment options different from ordinary life policies.
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ordinary life insurance definition
An ordinary life insurance refers to insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured. Ordinary life insurance is an insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured.