Definition: Term or Whole Life Insurance refers to an insurance policy that provides coverage for a period of time, generally up to the maturity date of the policy, subject to a maximum limit determined by the insurer. The term may refer to a fixed premium or a variable interest rate, and it may be either whole life insurance (where the insurance lasts until the death of the insured) or term life insurance (which ends when the insured dies). Whole-life policies provide coverage for an entire life, while term life policies provide coverage until the insured becomes disabled, dies or is otherwise terminated by the policyholder. Both types of policies typically include a guaranteed death benefit and often offer lower premiums than other types of life insurance.
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