What type of policy offers lifetime protection while being paid-up?

A whole life policy provides lifetime protection while being paid-up, meaning that once the premiums are fully paid, the policy remains in force for the lifetime of the insured. This type of policy not only covers the insured's life, giving a death benefit to beneficiaries upon their passing, but it also builds cash value over time. The premiums for a whole life policy are generally fixed and designed to ensure that the policy remains active as long as the premiums are paid.

In contrast, a term policy only offers coverage for a specific period of time and does not accumulate cash value; therefore, it cannot provide lifetime protection once the term ends. An endowment policy pays out a benefit either at a specified time or upon the death of the insured, typically before their lifetime, and also does not necessarily provide lifetime coverage. A universal life policy offers flexible premium payments and death benefits but does not guarantee lifetime coverage unless adequately funded. Thus, a whole life policy is the only option among the choices that guarantees lifetime protection when fully paid.