What distinguishes whole life insurance from term life insurance?

Whole life insurance is distinguished from term life insurance by offering permanent coverage for the policyholder's entire life. This type of insurance does not expire as long as premiums are paid, which ensures that the death benefit will be paid out to beneficiaries no matter when the insured passes away. Additionally, whole life insurance tends to accumulate cash value over time, which can be accessed by the policyholder during their lifetime. This contrasts with term life insurance, which is designed to provide coverage for a specified period and does not build any cash value, making it temporary in nature. By providing lifelong protection, whole life insurance meets the needs of individuals who desire long-lasting financial security for their loved ones.