Which type of life insurance provides a death benefit for the entire life of the insured?

Whole Life Insurance is a type of life insurance designed to provide a death benefit that remains in effect for the insured's entire lifetime, as long as the premiums are paid. This policy combines both insurance protection and a savings component, which builds cash value over time. The cash value grows at a guaranteed rate, and the policyholder can borrow against it or withdraw it if needed.

Unlike term life insurance, which offers coverage for a specific period and has no cash value, whole life insurance guarantees a payout regardless of when the insured passes away, making it a permanent form of coverage. Endowment life insurance is designed to pay a benefit if the insured reaches a certain age, which is different from providing a lifelong death benefit. Group life insurance typically provides coverage for a group, such as employees at a company, and may not ensure a lifelong benefit for individuals who leave the group.

The permanence and cash value component of whole life insurance make it a unique and attractive option for those seeking lifelong protection along with a savings element.