Lifetime Coverage: As long as premiums are paid, a whole life policy remains in force for the insured's entire life, providing a death benefit to the beneficiaries upon the insured's death

Cash Value Accumulation: Whole life insurance policies have a cash value component that grows over time. A portion of the
premium payments goes towards this cash value, which earns interest at a guaranteed rate set by the insurance company. The cash
value grows tax-deferred, meaning that policyholders do not pay taxes on the growth until they withdraw it

Fixed Premiums: Premiums for whole life insurance policies are typically fixed for the life of the policy, meaning they do not increase
as the insured gets older or if their health deteriorates
Guaranteed Death Benefit: Whole life insurance policies provide a guaranteed death benefit, which means that the beneficiaries will
receive a specified amount upon the insured death, regardless of how long the policy has been in force or the performance of the cash value component

Policy Loans: Policyholders can borrow against the cash value of the policy through policy loans. These loans typically accrue
interest, but they provide a source of liquidity for policyholders who need access to cash

Dividend Payments: Some whole life insurance policies are eligible to receive dividends from the insurance company's profits.
Policyholders can choose to receive dividends in cash, use them to reduce premiums, accumulate them with interest, or purchase
additional insurance coverage

Whole life insurance is often chosen by individuals who want lifelong coverage with a cash value component that can serve as a
source of savings or investment. It can also be used for estate planning purposes, such as providing liquidity to pay estate taxes or
leaving a legacy to heirs. However, whole life insurance tends to have higher premiums compared to term life insurance, so it's
important for individuals to carefully consider their financial needs and goals before purchasing a policy.