Whole Life Insurance

Whole life policies, are life insurance policies which are guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date.

Because whole life policies are guaranteed to remain in force as long as the required premiums are paid, the premiums are typically much higher than those of term life insurance where the premium is fixed only for a limited term. 

Whole life premiums are fixed, based on the age of issue, and usually do not increase with age. The insured party normally pays premiums until death, except for limited pay policies which may be paid up in 10 years, 20 years, or at age 65. 

Whole life insurance belongs to the cash value category of life insurance, which also includes universal life, variable life, and endowment policies.