Ordinary Life Insurance
Definition - What does Ordinary Life Insurance mean?
Ordinary life insurance is a type of life insurance in which policyholders pay premiums for their whole lives at a set price and interval. However, ordinary life insurance policies are often considered paid up if the policyholder reaches 100 years of age. Ordinary life insurance is a term that is often used interchangeably with "whole life insurance."
Insuranceopedia explains Ordinary Life Insurance
Ordinary life insurance is an alternative to term life insurance. While ordinary life insurance provides life insurance coverage for a person's entire life, term life insurance is only designed to provide life insurance coverage for a specific period of time. For example, a term life insurance policy may cover a person for 10 years, 15 years, or some other length of time. Ordinary life insurance policies also often include savings and/or investment components that can be used to generate cash value.
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