Which insurance policy provides benefits as long as the insured is alive?

Whole life insurance provides benefits as long as the insured is alive, making it a permanent form of life insurance. This type of policy is designed to last for the insured's entire lifetime, as long as the premiums are paid. One of the key features of whole life insurance is that it combines a death benefit with a cash value component that grows over time at a guaranteed rate. This means that not only does the policy provide a death benefit when the insured passes away, but it also accumulates cash value that the insured can borrow against or withdraw during their lifetime.

In contrast, term life insurance is designed to provide coverage for a specified period, after which the policy expires without value if the insured outlives the term. While straight life and universal life are both forms of permanent insurance, they have features that can affect the guarantees associated with them. Whole life is typically characterized by the certainty of lifelong coverage and fixed premiums, whereas universal life offers more flexibility in premium payments and death benefits, which can affect its longevity depending on how it is managed. Thus, whole life stands out as the type that guarantees benefits for the insured’s entire life as long as conditions are met.