Whole life insurance came about when some policyholders became dissatisfied with term insurance policies which were the standard life insurance policy at the time. Customers did not like the idea of paying premiums and potentially not benefitting if death occurred outside of the term time. Instead of this, whole life insurance was created to cater for people who wish to pay premiums, either regularly or in one lump payment and be covered over their entire life in order to gain a pay-out whatever the circumstances.
There are six traditional forms of life insurance: non-participating, participating, indeterminate premium, economic, limited pay, single premium and interest sensitive. Not all companies offer all these types and they can often be referred to as different names.
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