What is the key feature of a Whole Life insurance policy?

A Whole Life insurance policy is specifically designed to provide coverage for the entire lifetime of the insured, as long as the premiums are paid. This is one of its defining characteristics and distinguishes it from other types of life insurance, such as term life, which only offers coverage for a specified period.

Within Whole Life insurance, there is also an accumulation of cash value over time, which can be accessed or borrowed against, adding a savings component to the policy. This feature is particularly appealing for individuals looking for both life insurance coverage and a long-term investment.

Options regarding term lengths, annual medical examinations, or guaranteed higher investment returns do not apply to Whole Life policies. These aspects may pertain to other insurance types or investment vehicles but do not encapsulate the essence of Whole Life insurance. Thus, it is the lifetime coverage that is the central and most significant feature of Whole Life insurance.