What type of insurance offers permanent life coverage with premiums that are payable for life?

A Whole Life Policy provides permanent life insurance coverage with premiums that are payable for the insured's entire lifetime, as long as the premiums are paid as required. This type of policy accumulates cash value over time, which can be accessed or borrowed against by the policyholder. The coverage remains in force as long as premiums are paid, offering both a death benefit to beneficiaries and a savings component that grows at a guaranteed rate.

In contrast, a Term Life Policy typically provides coverage for a specified period and does not accumulate cash value. Universal Life Policies offer flexible premiums and death benefits that can vary, which may not guarantee payment for life without ongoing adjustments. An Endowment Policy pays out after a specific period or upon the death of the insured, but it does not provide a lifetime coverage feature like a Whole Life Policy does.