Which of the following is a characteristic of Whole Life Insurance?

Whole Life Insurance is characterized by providing lifelong coverage and accumulating a cash value over time. This cash value grows at a guaranteed rate set by the insurance company and can be accessed by the policyholder through loans or withdrawals. The growth of the cash value is a key feature that distinguishes Whole Life Insurance from other types of insurance products, such as term insurance, which does not accumulate cash value and only provides coverage for a specified period.

This characteristic of Whole Life Insurance provides policyholders with a financial asset that they can utilize in various ways, such as funding emergencies or supplementing retirement income. Additionally, upon the death of the insured, the face amount of the insurance policy is paid to the beneficiaries, which can provide financial security for loved ones.

Options that suggest temporary coverage without cash value or coverage only upon term expiration misrepresent the unique attributes of Whole Life Insurance. Additionally, while it's true that Whole Life Insurance can be more expensive than term insurance due to its enduring coverage and cash value growth, this is not a defining characteristic of Whole Life itself. Thus, having a cash value that grows over time accurately captures one of its core features.