Which of the following best describes 'whole life insurance'?

Whole life insurance is characterized by providing coverage for the insured individual's entire lifetime, as long as the premiums are paid. One of the fundamental features of whole life insurance is its cash value accumulation. As premiums are paid, a portion of these payments goes into a cash value account, which grows over time on a tax-deferred basis. This cash value can be borrowed against or withdrawn, offering a financial resource for policyholders.

In contrast to other forms of insurance, such as term insurance, which provides coverage for a specified period and does not accumulate cash value, whole life insurance's lifelong protection and cash value component is what sets it apart. This makes option B the most accurate description of whole life insurance.

The other options describe features or limitations that do not align with the nature of whole life policies. For example, whole life insurance is not limited to a specific term, nor does it lack associated fees, as there are indeed costs inherent to maintaining such a policy.