Whole-life insurance remains in effect for your entire life unless you cash the policy in or stop paying premiums.  The policy is guaranteed renewable so you never have to renew the policy.

Premiums in a whole life policy generally are guaranteed for the lifetime of the policy. The premium is used to pay for the cost of insurance, the company’s expenses, profit, and to increase the cash value.

Some whole-life policies are participating.  This means they might pay an annual dividend to policyholders. You can usually choose whether to get the dividend in cash, add it to your policy’s cash value to buy additional death benefits, or use it to pay future premiums.

Dividends aren’t guaranteed.  Some policies don’t pay dividends at the company’s projected rate and others might be higher than the projection.  Ask for the company’s history of projected dividends versus dividends actually paid before buying a policy.

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