What Does Whole Life Mean In Insurance? 
Whole Life means life insurance that lasts the person 's `` whole life '' . It is a form of permanent life insurance that puts part of the premium toward pure insurance protection , and part of the premium into an accumulated cash value . If paid on time and loans are repaid , the policy will stay in effect until death at any age , or the face amount can be taken when the policy endows -LRB- usually at age 100 -RRB- . 