Final answer:
Whole life insurance is a type of plan that does not expire, offering both a death benefit and a cash value component, which can be accessed by the policyholder.
Step-by-step explanation:
The type of life insurance plan that does not expire and is often considered the most valuable is whole life insurance. Unlike term life insurance, which only provides coverage for a specific term or period, whole life insurance provides coverage for the life of the insured as long as premiums are paid.
Whole life insurance is distinguished by its death benefit, which is the amount paid out to beneficiaries upon the death of the insured, and its cash value, an accumulated amount that can serve as an account for the policyholder's use.
This cash value grows over time and can be borrowed against or even withdrawn, subject to certain terms and conditions.