A provision in a whole life policy allows the policy owner to terminate the policy in return for a paid up policy of the same type is called whole life insurance.
Whole life insurance, usually referred to as conventional life insurance, offers continuous death benefit protection for the duration of the insured's life. Whole life insurance has a savings component in which cash value may build up in addition to paying a death benefit. A set rate of tax-deferred interest is accrued.
One sort of permanent life policy is whole life coverage. Other terms include universal life, indexed universal life, and variable universal life. The first sort of life insurance was whole life, but since there are many different kinds of permanent life, whole life does not always equate to permanent life insurance.
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