Which type of life insurance typically offers guaranteed premiums and benefits?

Whole life insurance is a type of permanent life insurance that is characterized by its guaranteed premiums and benefits. Policyholders are required to pay a consistent premium throughout the life of the policy, ensuring that their coverage remains intact as long as these premiums are paid.

In addition to the death benefit, whole life insurance also builds cash value over time, which can be borrowed against or withdrawn by the policyholder. The cash value grows at a guaranteed rate, providing a reliable savings component that sets it apart from other types of life insurance.

This makes whole life insurance a stable and predictable option for individuals looking for lifelong coverage and certainty in their premium payments and death benefits. Unlike term life insurance, which only provides coverage for a specific period, whole life insurance ensures lifelong protection and financial security for beneficiaries.