Which life insurance policy guarantees premiums and provides lifelong coverage?

Whole life insurance is the policy that guarantees premiums and provides lifelong coverage. This type of insurance is designed to remain in effect for the insured's entire lifetime, as long as premium payments are made. It accumulates a cash value over time, which can be borrowed against or withdrawn during the policyowner's lifetime.

The guaranteed premiums mean that the policyholder pays the same premium amount throughout the life of the policy, making it predictable and stable. Unlike term life insurance, which only provides coverage for a specific period and does not build cash value, whole life insurance ensures that the policyholder is covered for their entire life, as long as they fulfill their premium payment obligations.

Additionally, while universal life insurance also offers flexibility in premium payments and death benefits, it does not guarantee the same level of lifelong coverage or fixed premiums as whole life insurance does. Endowment insurance is a hybrid type that pays out a predetermined amount after a specific period or upon the insured's death but does not provide coverage specifically guaranteeing lifelong protection with consistent premium payments, as whole life does.