Whole Life Insurance is a type of permanent life insurance that provides coverage for the insured's entire lifetime, as long as premiums are paid. It combines a death benefit with a cash value component, which grows over time at a guaranteed rate. This means that not only does it provide financial protection for beneficiaries, but it also serves as a savings or investment vehicle. The premiums for Whole Life Insurance are typically higher than those for term life insurance, but they remain level throughout the policyholder's life. Policyholders can borrow against the cash value or withdraw funds, although this may reduce the death benefit.