In what type of insurance do premiums stay the same regardless of age or health?

Whole life insurance is designed to provide lifelong coverage and includes a fixed premium that remains constant throughout the policyholder's lifetime, regardless of their age or health changes. This stability in premium payments is a fundamental feature that distinguishes whole life insurance from other types of life insurance.

While other types of policies, like level term insurance, might maintain premiums at a specified level for a certain period, they typically do not guarantee that premiums will remain the same once that period ends. Decreasing term insurance has premiums that can change as the coverage amount decreases over time, and annually renewable term insurance usually has premiums that increase at each renewal as the insured ages.

Thus, whole life insurance guarantees that the premiums will stay the same, allowing policyholders to plan their finances more effectively, knowing their costs will not change due to age or health factors.