Which type of insurance offers permanent life coverage with premiums that last for the insured's lifetime?

Whole life insurance is a type of insurance that provides permanent life coverage, meaning that it is designed to last for the insured's entire lifetime, as long as premiums are paid as required. This policy combines a death benefit with a savings component, which accumulates cash value over time that the policyholder can borrow against or withdraw.

What sets whole life apart is its level premiums that are fixed for the duration of the insured's life, offering predictability in budgeting for the insured. The cash value grows at a guaranteed rate and offers a safety net, as it's protected from market fluctuations.

In contrast, term life insurance provides coverage for a specified period, typically 10, 20, or 30 years, meaning it will expire at the end of that term if the insured is still alive. Universal life and variable life insurance also offer permanent coverage but come with more flexible premiums and investment options, making them less predictable in terms of guaranteed benefits than whole life.