Final answer:
Whole life insurance is characterized by fixed premiums and lifetime coverage, along with an accumulating cash value that can be used by the policyholder.
Step-by-step explanation:
The insurance option characterized by fixed premiums and coverage for life is B. Whole life insurance. Whole life policies offer a death benefit and also accumulate a cash value over time, which the policyholder can use for various purposes, providing a level of financial security. Unlike term insurance, which only provides coverage for a specific period, whole life insurance is designed to last a lifetime, ensuring that the beneficiaries are taken care of financially upon the policyholder's death.