What is one major advantage of whole life insurance?

Whole life insurance is designed to provide lifelong coverage, making it a strong option for individuals seeking protection that lasts for the entirety of their lives. This permanence allows policyholders to address long-term financial needs, such as ensuring that their beneficiaries have adequate funds for expenses after their passing or contributing to their overall estate planning strategy.

Moreover, whole life policies often accumulate cash value over time, which can be accessed by the policyholder for various financial needs. However, the primary advantage stems from its permanent nature, providing assurance that the coverage will remain in force as long as premiums are paid, unlike term insurance which only covers a specified period.

While other options might highlight aspects like premium costs or cash value growth, those characteristics do not encompass the main benefit offered by whole life insurance, which is its ability to remain in effect for the policyholder's entire life.