Which type of life insurance is known for covering an individual's entire life?

Whole life insurance is designed to provide coverage for an individual's entire lifetime, as long as the premiums are paid. This type of policy combines a death benefit with a savings component, known as cash value, which accumulates over time. The premium amounts are generally fixed, meaning that they will not increase as the insured ages, offering financial predictability.

Whole life insurance is particularly appealing for those seeking long-term financial security for their beneficiaries, as the policy guarantees a death benefit regardless of when the insured passes away, provided the policy is in force. This feature distinguishes it from term life insurance, which only provides coverage for a specified period, and from universal life insurance, which offers more flexibility in premium payments but does not guarantee coverage for the entire lifetime without proper management of the policy. Endowment life insurance, on the other hand, pays out a benefit either at the end of a specified term or upon death, making it more akin to a savings plan than a purely lifelong coverage product.