Ordinary Life Insurance

Published: | Updated: November 18, 2017

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.

How Well Do You Know Your Life Insurance?

The more you know about life insurance, the better prepared you are to find the best coverage for you.

Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.

Share this:

Connect with us

Email Newsletter

Join thousands receiving the latest content and insights on the insurance industry.