Whole-life insurance is defined as:

Whole-life insurance is characterized by being a type of permanent life insurance that remains in effect throughout the life of the insured or until they reach a specified age, often 100 years. This type of policy offers a death benefit that is guaranteed to be paid out as long as premiums are maintained. Additionally, it typically accumulates cash value over time, which can serve as an asset for the policyholder during their lifetime.

The permanence of whole-life insurance sets it apart from term life insurance, which is limited to a specific period. This distinction is critical, as term policies provide coverage only for a predetermined timeframe, after which the policy expires and no benefits are paid unless the insured dies within that term.

Whole-life insurance can also differ significantly from policies focused on accidental death or low-cost options aimed at young adults, which do not offer the same death benefit guarantees or cash accumulation features. Thus, the definition that aligns with the principles of whole-life insurance is one that emphasizes its lasting coverage until death or a specified age, confirming option B as the correct choice.