What is the defining characteristic of whole life insurance?

Whole life insurance is permanent life insurance that provides coverage for the insured's entire life as long as premiums are paid. Three defining features: (1) level premiums that stay the same throughout the life of the policy, (2) a guaranteed cash value that grows tax-deferred over time, (3) a guaranteed death benefit. The premium is higher than term in the early years but stays level while term premiums rise with age. The cash value can be borrowed against or surrendered. Whole life is typically suitable when there is a permanent need for coverage (final expenses, estate liquidity, business succession) and the client values predictability and guarantees over higher potential returns.