Which of the following is a common characteristic of whole life insurance?

Whole life insurance is designed to provide coverage for the policyholder's entire lifetime, as long as the premiums are paid. This characteristic is a defining feature of whole life policies, distinguishing them from term life insurance, which only offers coverage for a specified period. Whole life insurance not only ensures lifelong protection but also typically accumulates a cash value that the policyholder can access during their lifetime. This aspect of permanence provides policyholders with peace of mind and long-term financial security, which is one of the primary reasons individuals choose whole life insurance over other types.

In contrast, the other options do not align with the fundamental attributes of whole life insurance. For instance, whole life policies have fixed premiums rather than variable ones, and they do not require annual renewals as term policies do since they are guaranteed for life when premiums are maintained. Additionally, whole life insurance is not classified as term insurance, as it represents a different category of life insurance products that provide different benefits.