Final answer:
A whole life policy has a level premium and a cash value component. It also provides a death benefit.
Step-by-step explanation:
A whole life policy has a level premium. This means that the premium remains the same throughout the life of the policy. It does not decrease or increase over time.
Furthermore, a whole life policy also has a cash value component. This means that a portion of the premium paid goes towards accumulating cash value which can be used by the policyholder. This can be seen as a savings component of the policy.
It's important to note that a whole life policy has a death benefit as well, which is the amount paid out to the beneficiary in case of the policyholder's death.