What is a key characteristic of Whole Life Insurance?

Whole Life Insurance is designed to provide lifelong coverage, meaning that it will remain in effect until the insured person passes away, regardless of their age. This form of insurance not only guarantees a death benefit to the beneficiaries but also includes a savings component that builds cash value over time. As the policyholder pays premiums, a portion of those premiums goes into a cash value account, which grows at a guaranteed rate. This cash value can be borrowed against or withdrawn under certain conditions, providing the policyholder with additional financial flexibility.

In contrast, term life insurance only provides coverage for a specific duration, and policies with no cash value lack any accumulation of savings or investment benefits. Additionally, whole life insurance guarantees benefits rather than allowing them to fluctuate based on the performance of investment portfolios, which is a feature of variable life insurance. Thus, the key traits unique to Whole Life Insurance are its lifelong protection and the accumulation of cash value, confirming the correctness of the answer.