Which life insurance policy covers the insured for their whole life, generally up to age 100?

Whole life insurance is a type of policy designed to provide coverage for the insured's entire life, as long as the premiums are paid. The coverage typically remains in effect until the policyholder reaches age 100. This type of policy also accumulates cash value over time, meaning that a portion of the premiums contributes to a savings component that grows at a guaranteed rate.

This characteristic of lifetime coverage and cash value accumulation differentiates whole life from other types of insurance, such as term life insurance, which provides coverage for a limited period (usually 10, 20, or 30 years) and does not have a cash value component. Limited pay life insurance, on the other hand, is designed to require premiums for a shorter period, but it also provides coverage for the lifetime of the insured. Decreasing term insurance is structured to provide a death benefit that decreases over time, which is not designed for permanent coverage. Thus, the defining features of whole life insurance align directly with the question, confirming it as the correct choice.