What is one advantage of whole life insurance compared to term life insurance?

Whole life insurance offers lifelong coverage, which means that the policy remains in force for the insured's entire life as long as premiums are paid. This contrasts significantly with term life insurance, which is designed to provide coverage for a predetermined period, such as 10, 20, or 30 years.

In addition to lifelong coverage, whole life policies accumulate cash value over time. This cash value can serve various purposes for the policyholder, such as being borrowed against or withdrawn under certain conditions, providing an avenue for savings alongside insurance protection. This feature makes whole life insurance a multifaceted financial product, offering both death benefit protection and the ability to build a cash reserve, which is not available with term policies.

This combination of lifelong protection and the opportunity for cash value accumulation highlights why this answer is recognized as the primary advantage of whole life insurance.