Whole life insurance

Whole life insurance, or Whole of Life Assurance, refers to a policy that pays a lump sum on death or, in some cases, the earlier diagnosis of a critical illness whenever it occurs provided the contract is kept in force through the required payments being made.The level of payout can vary from a fixed sum to one that is wholly dependent on investment performance on what remains after mortality costs and other expenses are deducted.The level of premium payable may be a single, fixed periodic (e.g. monthly), or a periodic payment that may be reviewed subject to the underlying investment performance and sometimes changes in mortality cost.
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Noun
1. insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured
(synonym) ordinary life insurance, straight life insurance
(hypernym) life insurance, life assurance

A contract with both insurance and investment components: (1) It pays off a stated amount upon the death of the insured, and (2) it accumulates a cash value that the policyholder can redeem or borrow against.