Which type of insurance policy guarantees a premium for the policyholder's lifetime?

Whole life insurance guarantees a premium for the policyholder's lifetime, which is one of its defining characteristics. This type of policy ensures that the premium remains level and does not increase as the insured ages, providing predictable premium payments over the life of the policy. It also builds cash value over time, which can be accessed or borrowed against, adding a saving component to the policy.

In contrast, term life insurance provides coverage for a specified period, typically 10, 20, or 30 years, and does not offer lifetime premium guarantees or a cash value component. Universal life insurance offers flexibility in premium payments and the death benefit, but it does not guarantee lifetime premiums as the cost of insurance can fluctuate. Variable life insurance allows the policyholder to invest cash value in various investment options, which can affect the premium and the cash value, but again, it does not promise a fixed premium for life.

Overall, whole life insurance stands out because it combines lifelong coverage, level premium payments, and a cash value growth feature, making it a unique offering in the insurance market.