What type of life insurance policy would Mike purchase for lifelong coverage against premature death?

A whole life insurance policy is designed to provide coverage for the lifetime of the insured, ensuring that their beneficiaries receive a death benefit regardless of when the insured passes away, as long as premiums are paid. This type of policy features a savings component that builds cash value over time, which can be borrowed against or withdrawn if needed.

When someone is looking for lifelong coverage against premature death, whole life insurance is the ideal option because it guarantees both a death benefit and a cash value accumulation. This combination not only offers security and peace of mind but also functions as a financial asset for the policyholder during their lifetime.

In contrast, term life insurance provides coverage for a specific period and does not build cash value, while universal life and variable life policies offer more flexibility and investment options, but may not guarantee lifelong insurance without additional considerations regarding premium payments and policy structure.