A key characteristic that distinguishes whole life insurance from term insurance is that whole life:

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Whole life is a form of permanent insurance: it provides coverage for the insured's entire life (as long as premiums are paid) and accumulates a guaranteed cash value that grows over time. Traditional whole life features a level premium that does not increase each year. Coverage does not terminate at age 65, and it is not confined to a first-twenty-year window. Because coverage is lifetime, the contract is designed to pay a death benefit whenever death occurs (policies typically endow at about age 121).