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Definitions - W

Waiver of Premium (WP): An optional policy provision that continues the coverage without further premium payments if the insured becomes totally disabled.

War Clause: A provision in a life insurance policy excluding liability of an insurer if a loss is caused by war.

Whole Life Insurance: Permanent insurance which provides, at minimum, a level death benefit upon the insured's death, or a cash endowment upon policy maturity that is equal to the death benefit. In addition, these policies accumulate cash values on a tax-deferred basis. A plan of insurance for the whole of life. It includes straight life on which premiums are payable until death.

Will: The legal statement of a person's wishes concerning the disposal of his or her property after death.

Some whole life policies let you pay premiums for a shorter period such as 20 years, or until age 65. Premiums for these policies are higher since the premium payments are made during a shorter period.

Quick Life Insurance Terms Glossary

(some definitions taken from the National Association of Insurance Commissioners' Life Insurance Buyers Guide)

LIFE IS COMPLICATED....
BUT TERM LIFE INSURANCE DOES NOT HAVE TO BE.

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