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 that grows over time. This cash value can be borrowed against or withdrawn, offering financial flexibility. The premiums for whole life insurance are typically higher than those for term life insurance, but they remain level throughout the policyholder's life. This type of policy is often used for long-term financial planning, estate planning, or as a way to leave a legacy for beneficiaries, such as family members or charities.