It provides for a level premium, and a cash value table included in the policy guaranteed by the company.

It builds a cash value that reduces the amount at risk to the insurance company and thus the insurance expense over time.

It provides for life insurance coverage for a specified term of years for a specified premium.

It is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiary or beneficiaries if an insured event occurs which is covered by the policy.

He/She receives policy proceeds upon the insured's death.

It is a life insurance that remains in force (in-time) until the policy matures (pays out) unless the owner fails to pay the premium when due (the policy expires).

One of disadvantages of whole life insurance:

It is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for a higher internal rate of return.

TRUE or FALSE: The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation.