Here are some key features of whole life insurance:

1. Lifelong coverage: Whole life insurance provides coverage for your entire life, as long as you continue to pay the premiums.

2. Cash value accumulation: A portion of the premiums you pay goes towards building cash value within the policy. This cash value grows over time and can be accessed through policy loans or withdrawals.

3. Level premiums: Whole life insurance typically has level premiums, meaning the premium amount remains the same throughout the life of the policy.

4. Death benefit: Upon your death, the policy pays out a death benefit to your beneficiaries. This benefit is typically tax-free and can be used to cover funeral expenses, debts, income replacement, or any other financial needs.

5. Dividends: Some whole life insurance policies, known as participating policies, may pay out dividends to policyholders. These dividends can be received as cash, used to reduce premiums, accumulate additional cash value, or purchase paid-up additions.

6. Estate planning: Whole life insurance can be used as a component of estate planning, as the death benefit can help cover estate taxes or provide an inheritance for your loved ones.

It’s important to note that whole life insurance tends to have higher premiums compared to term life insurance. It is generally recommended for individuals who have a need for lifelong coverage and are looking to build cash value over time. Before purchasing any life insurance policy, it’s advisable to consult with a licensed insurance professional who can assess your specific needs and provide personalized recommendations.