Which policy type is generally designed to last for the insured's entire lifetime as opposed to a specific term?

Whole Life Insurance is designed to provide coverage for the insured's entire lifetime, as opposed to a specified term. This type of policy ensures that the death benefit is paid out regardless of when the insured passes away, as long as premiums are paid and the policy remains in force.

Whole Life Insurance is characterized by its guaranteed cash value accumulation, which grows at a steady and predictable rate over time. This feature not only provides a death benefit but also acts as a savings component that can be accessed during the insured’s lifetime, making it unique compared to term policies, which do not build cash value and are only in effect for a predetermined period.

Additionally, while both Universal Life and Adjustable Life Insurance may provide flexible premiums and death benefits, they do not inherently provide the same lifelong guarantee as Whole Life Insurance. Term Life Insurance, on the other hand, solely covers the insured for a specific period and does not accumulate cash value, thereby differing significantly from the features of Whole Life Insurance.