What type of Whole Life insurance requires fixed premiums until the insured's death or age 100?

The correct answer is Straight Whole Life insurance, which offers a policy structure where premiums remain fixed for the life of the insured. This type of whole life insurance provides lifelong coverage, ensuring that the death benefit is paid out regardless of when the insured passes, as long as premiums are maintained.

In Straight Whole Life, the insurance company guarantees the premium amount, creating stability for the policyholder in terms of budgeting and financial planning. The premiums typically contribute to both the death benefit and the cash value of the policy, which accumulates over time. This accumulation can later be borrowed against or withdrawn, although it might affect the death benefit.

The other types of insurance listed differ in their premium structures. Limited Pay Whole Life requires premiums to be paid over a set period rather than for the insured's life, which can create a more flexible payment schedule but not the lifelong fixed payments characteristic of Straight Whole Life. Single Premium Whole Life involves just one upfront payment that covers the entire policy, eliminating ongoing premiums but differing fundamentally in payment structure. Lastly, Term Life Insurance offers coverage for a specific period and does not accumulate cash value or require fixed payments until a designated age; instead, it is typically renewable but does not guarantee lifelong coverage.