Which of the following is NOT typically a feature of whole life insurance?

Whole life insurance is designed to provide coverage for the entire lifetime of the insured, as long as premiums are paid, making lifetime coverage a fundamental feature. This type of policy also accumulates cash value over time, which policyholders can borrow against or withdraw, enhancing its appeal as both a protection and savings instrument. Additionally, whole life insurance often offers limited premium payment durations, where the policyholder might opt to pay premiums for a specific period (like 20 years) or until retirement age, while still retaining coverage for life.

The idea of specified term limits, however, is not a characteristic of whole life insurance. Instead, this feature is more common in term life insurance, which provides coverage for a predetermined period, such as 10, 20, or 30 years. Whole life insurance, conversely, is intended to be permanent, thus the notion of specified term limits does not apply.