A Whole Life Insurance policy provides lifelong protection and includes “cash value” which grows steadily throughout the life of the policy. 

Whole life insurance is a type of permanent life insurance, meaning it provides coverage for your entire life, as long as premiums are paid on time. Unlike term life insurance, which has a specific duration, whole life insurance guarantees a death benefit to your beneficiaries regardless of when you die. It also builds cash value over time, which can be accessed through withdrawals, loans, or by surrendering the policy. The death benefit of a whole life policy is typically paid to the beneficiaries tax-free and the cash value grows tax deferred.

If structured properly, a policyholder can take a tax-free loan against the cash value in their policy. This loan and interest will reduce the death benefit. The client can repay the loan at their discretion. Some policies allow the client to “withdraw” a portion of the cash value, as well.

 
Here's a more detailed breakdown: 

Lifetime Coverage:
Whole life insurance provides coverage from the moment you purchase it until your death, as long as you continue to pay the premiums. 

Guaranteed Death Benefit:
The death benefit is a specific amount paid to your beneficiaries upon your death, and it's guaranteed regardless of your age at death. 

Cash Value:
A portion of each premium payment builds up as cash value, which can be accessed during your lifetime through various options. 

Fixed Premiums:
Whole life premiums are typically fixed throughout your life, providing predictable costs. 

Investment Aspect:
The cash value can grow tax-deferred and at a guaranteed rate, making it an investment component of the policy. 

Policy Loans:
You can borrow money from the policy's cash value at a fixed interest rate, and the loan can be repaid without affecting the death benefit. 

Withdrawals and Surrender Value:
You can withdraw cash value from the policy, though this will reduce the death benefit, or surrender the policy for its cash value minus any outstanding loans or charges. 

Whole life insurance offers financial security and the ability to access cash value during your lifetime, but it's important to remember that premiums are higher than term life insurance, and it's crucial to understand the policy's terms and tax implications before purchasing.