What characteristic is common to all forms of Whole Life Insurance?

Whole life insurance is designed to provide lifelong coverage, which is one of its defining characteristics. A fundamental aspect of all whole life policies is their cash value accumulation feature. This means that a portion of the premiums paid goes towards building cash value over time, creating a savings component within the policy. This cash value grows at a guaranteed rate and can be accessed by the policyholder through loans or withdrawals, providing financial flexibility.

The cash value aspect is significant because it distinguishes whole life insurance from term life policies, which do not have a cash value component. This structure is beneficial for policyholders who want not only life insurance protection but also the ability to accumulate savings that can be used for various needs or emergencies.

The other options do not accurately represent the characteristics of whole life insurance. Whole life insurance provides permanent coverage rather than temporary coverage, does not inherently allow for premium payment deferment in the same way some other products do, and has no relation to annual eye examinations, which are unrelated to insurance types. Therefore, the presence of cash value accumulation is the defining and common characteristic shared by all forms of whole life insurance.