Whole life insurance is a type of life insurance policy that provides coverage for the entire life of the insured individual. It is also known as permanent life insurance because the policy remains in effect until the individual passes away.

Whole life insurance provides a guaranteed death benefit that can be paid out to the beneficiaries of the policyholder. It also provides cash value accumulation, which is the money that can be borrowed against or withdrawn from the policy.

One of the main benefits of whole life insurance is the guaranteed death benefit. This means that the policyholder's beneficiaries will receive a predetermined amount of money when the insured individual passes away.

This death benefit amount is usually based on the amount of money that the insured individual was paying into the policy. This provides a great sense of financial security for the policyholder's family, knowing that they will receive a specific amount of money after the insured individual's death.

Another benefit of whole life insurance is the cash value accumulation. This is the money that accumulates within the policy over time. The policyholder can borrow against this cash value or withdraw it from the policy. This can be a great source of funds if the policyholder needs money for retirement or other expenses. The cash value can also be used to help pay for the premiums of the policy