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Whole Life Insurance
Explanation:
A form of permanent life insurance that incorporates both a death benefit and a tax-deferred cash savings component. Whole life insurance policies are unique in that they ensure a policyholder will have the same premium, interest rate, and death benefit for life. Whole life insurance policies also pay annual dividends, which can eventually be used to pay premiums.
Whole life insurance plans typically give policy holders little choice in how much they pay each month as well as how their investments are handled.