What is the name of the type of life insurance that provides coverage for the entire lifetime of the insured?

The type of life insurance that provides coverage for the insured’s entire lifetime is whole life insurance.

Whole life insurance is a form of permanent life insurance. Provided the required premiums are paid and the policy terms are followed, it is designed to remain in force for life and pay a death benefit to the named beneficiaries. Premiums are commonly fixed, unlike many flexible-premium arrangements, and the policy usually builds guaranteed cash value.

That cash value is one of the major differences from term life insurance, which covers a stated period and normally has no cash-value component. Whole life premiums are usually higher because the policy combines lifelong protection with reserves accumulated over time. Policyholders may sometimes borrow against cash value, although unpaid loans can reduce the eventual death benefit.

“Whole life” does not mean every policy has identical payment requirements. Limited-pay versions can become paid up after a set period, while participating policies may pay dividends that are not guaranteed. Universal and variable life are also permanent insurance, but they generally offer different premium, investment, or cash-value structures.