Whole life insurance is a type of life insurance policy that provides coverage for the entire lifetime of the insured individual, as long as premiums are paid. It combines a death benefit (the amount paid out to beneficiaries upon the insured's death) with a cash value component that grows over time. The premiums for whole life insurance are typically higher compared to term insurance, but a portion of the premium goes into building up the cash value, which can be borrowed against or withdrawn by the policyholder.