Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire life, 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 This cash value can be borrowed against or withdrawn, offering financial flexibility. 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 insurance is often used for long-term financial planning, estate planning, or to ensure financial support for beneficiaries after the policyholder's death.