Whole life insurance provides coverage for the life of the insured. In addition to providing a death benefit, whole life also contains a savings component where cash value may accumulate. These policies are also known as permanent or traditional life insurance. Whole life insurance guarantees payment of death benefit to beneficiaries in exchange for level, regular premium payments. The policy includes a savings portion, called the cash value, alongside the death benefit. In the savings component, interest may accumulate on a tax-deferred basis. Growing cash value is an essential component of whole life insurance. The whole life insurance policy fixed premiums over the life of the policy. Missed payments must be paid within a specific time for the policy to remain in force.