Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire lifetime, as long as the required premiums are paid. Unlike term life insurance, which covers a specific period, whole life insurance guarantees a death benefit payout to beneficiaries whenever the insured dies

. Key features of whole life insurance include:

• Lifetime Coverage: The policy remains in force for the insured's whole life, often up to age 99, or even longer depending on the policy terms

• Fixed Premiums: Premium payments are typically level and remain consistent throughout the life of the policy

• Cash Value Component: Whole life policies include a savings element called cash value, which grows over time on a tax-deferred basis. Policyholders can borrow against or withdraw from this cash value during their lifetime, though doing so may reduce the death benefit

• Death Benefit: The policy guarantees a death benefit to beneficiaries, which can be increased by dividends in participating policies or reduced by outstanding loans

• Additional Riders: Many policies allow adding riders to enhance coverage, such as accidental death benefits

Whole life insurance is often chosen for its combination of lifelong protection, a savings element, and financial security for beneficiaries. It tends to have higher premiums than term life insurance due to the permanent coverage and cash value accumulation

. In summary, whole life insurance is a permanent life insurance policy that provides lifelong coverage with fixed premiums, a guaranteed death benefit, and a cash value savings component that can be accessed during the insured's lifetime