Whole life insurance is a type of life insurance policy that provides coverage for the entire lifetime of the insured individual. It offers a guaranteed death benefit to the beneficiaries upon the death of the policyholder, as long as premiums are paid. Additionally, whole life insurance policies accumulate cash value over time, which can be accessed by the policyholder through loans or withdrawals. Whole life insurance typically has fixed premiums, providing stability and predictability in financial planning.