Which type of policy is most commonly associated with high premiums but guarantees lifetime coverage?

Whole life insurance is most commonly associated with high premiums while guaranteeing lifetime coverage. This type of policy is designed to provide coverage for the entire life of the insured, as long as the premiums are paid. The premiums are typically higher than those of term life insurance because, in addition to the death benefit, whole life policies also accumulate cash value over time. This cash value component can be borrowed against or withdrawn, providing additional financial benefits to the policyholder.

The predictability and stability of the premiums, combined with the guaranteed death benefit, make whole life insurance appealing for those seeking lifelong security for their beneficiaries. This contrasts with term life insurance, which is more affordable but only covers a specific time period and does not build cash value. Universal life insurance offers flexibility in premium payments and death benefits but is not as straightforward in terms of guaranteed lifetime coverage compared to whole life policies. Accidental death insurance, while providing a specific benefit upon accidental death, does not relate to lifetime coverage as it is generally limited to such circumstances.