whole life insurance

  • A plan of insurance for the whole of life, payable at death. It includes ordinary life insurance with premiums payable for life, or limited payment life on which premiums are limited to a specified number of years.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).