Which of the following is a defining feature of whole life insurance?

Whole life insurance is characterized by its provision of a death benefit coupled with a cash value component that accumulates over time. This cash value grows at a guaranteed rate and can be borrowed against or withdrawn by the policyholder. Unlike term life insurance, which offers coverage for a specified duration, whole life insurance remains in effect for the lifetime of the insured, provided premiums are paid. This stability and the additional savings element of the cash value are what distinctly define whole life insurance.

The other options refer to features found in different types of insurance or are inaccuracies regarding whole life policies. For instance, term insurance is designed only for a specific time period, and market performance variability typically applies to products like variable life insurance, not whole life. Moreover, whole life insurance definitely provides death benefits, which contradicts the notion presented in the incorrect choice regarding death benefits.