Which insurance policy provides protection for the life of the policyholder with premiums payable for life?

The whole life policy is designed to offer lifelong protection for the policyholder. One of its defining features is that premiums are paid throughout the lifetime of the insured, ensuring the policy remains in effect until death, as long as the premiums are paid. This type of policy also builds cash value over time, which can be borrowed against or withdrawn by the policyholder, adding an additional layer of financial benefit. Whole life policies provide both a death benefit and a living benefit, making them a comprehensive option for those looking for long-term financial security.

The other policies mentioned serve different purposes or have distinct characteristics that do not align with the concept of providing lifelong coverage with premiums payable for life. For example, a term policy only offers coverage for a specific period, a life at age 65 policy usually provides coverage up to a certain age with no benefits after that age, and an endowment policy typically pays out a lump sum at a specified date or upon death, but does not emphasize lifelong premiums as part of its structure. Therefore, the whole life policy stands out as the correct choice in the context of lifelong protection with lifetime premium payments.