Whole life insurance is a type of permanent life insurance that provides coverage for the entirety of the insured individual's life, as long as premiums are paid. It offers a guaranteed death benefit paid to the beneficiaries upon the insured's death. Additionally, whole life insurance accumulates cash value over time, which grows tax-deferred and can be accessed by the policyholder through policy loans or withdrawals. This type of insurance provides financial protection for loved ones while also serving as a long-term savings vehicle.