What type of life insurance requires premiums to be paid for the insured's entire life?

Whole life insurance requires premiums to be paid for the insured's entire life. This type of policy is designed to provide lifelong coverage, ensuring that the death benefit is paid out to the beneficiaries regardless of when the insured passes away, as long as premiums are maintained.

Whole life insurance also includes a cash value component that grows over time, offering a savings element in addition to the death benefit. This contrasts with term life insurance, which is only in effect for a specified period and does not build cash value. Universal life insurance and variable life insurance also offer lifetime coverage but with flexible premiums and investment components, which can alter the policy's cash value and death benefit depending on the insured's choices and market performance.

In summary, the defining characteristic of whole life insurance is its commitment to provide coverage for the insured's entire lifetime with fixed premiums, making it a popular choice for individuals looking for long-term financial security for their beneficiaries.