What type of insurance policy provides coverage for the insured's entire life?

Whole life insurance is designed to provide coverage for the insured's entire life, as long as the premiums are paid. It is categorized as a permanent life insurance policy, meaning it does not expire like term life insurance, which is typically only in effect for a specified number of years. Whole life policies also accumulate cash value over time, which can be borrowed against or withdrawn, offering a savings component in addition to the death benefit.

In contrast, term life insurance only covers the individual for a predetermined period, making it unsuitable for someone seeking lifelong coverage. Universal life and variable life policies are also forms of permanent insurance but are structured with more flexibility in premium payments and investment options, respectively. However, they may not strictly guarantee coverage for the entire life in the same way that whole life does, as their death benefits and cash values can fluctuate based on investment performance and other factors.