Which characteristic is NOT typical of whole life insurance?

Whole life insurance is known for its various distinctive characteristics, and understanding these can help clarify why the choice related to variable premiums is not typical. Whole life insurance encompasses a savings component that accrues cash value over time, providing policyholders with a financial benefit in addition to the death benefit. This type of policy is designed to offer coverage for the entirety of a person's life, as long as premiums are paid, thus ensuring that the insured's beneficiaries will receive the death benefit upon the insured's passing.

Another key attribute of whole life insurance is the fixed premium structure. Policyholders pay a consistent premium throughout the life of the policy, which allows for predictable budgeting and financial planning. Unlike term life insurance or some other types of policies that might fluctuate, whole life premiums remain static.

In contrast, defining characteristic C—variable premiums based on age—does not align with the standard nature of whole life insurance. While some policies, such as universal life or variable life insurance, can have premiums that vary with age or based on other factors, whole life insurance is specifically structured to have fixed premiums. Therefore, the characteristic of having variable premiums does not represent whole life insurance accurately, making it the correct choice in this context.