What is a characteristic of whole life insurance?

Whole life insurance is characterized by fixed premiums for the duration of the policy. This means that the policyholder pays the same premium amount throughout the life of the policy, regardless of age or changes in health. This stability in premium payments is a key feature that differentiates whole life insurance from term life insurance, where premiums can increase as the insured ages or at the end of a term.

Additionally, whole life insurance provides lifelong coverage as long as premiums are paid, and it also accumulates cash value over time, which can be accessed by the policyholder. This combination of fixed premiums, lifelong protection, and cash value accumulation makes whole life insurance a popular choice for individuals looking for long-term financial security.