What is the defining feature of whole life insurance?

Whole life insurance is characterized by providing coverage for the insured's entire lifetime, as long as the premium payments are made. This feature ensures that the beneficiaries receive a death benefit regardless of when the insured passes away, making it a stable and permanent form of life insurance.

In addition to lifelong coverage, whole life insurance typically accumulates cash value over time, which can be borrowed against or withdrawn by the policyholder, adding to its appeal. The predictable nature of the premiums and the guarantees of the death benefit contribute to its status as a foundational component in many individuals' financial plans.

The other options highlight attributes that do not align with whole life insurance. For instance, whole life is not temporary nor does it lack cash value. Additionally, while it may not be the cheapest type of life insurance compared to term life policies, its benefits justify the cost for many policyholders seeking long-term security for their dependents.