Whole Life insurance provides lifelong protection, and this type of coverage offers guaranteed death benefits and fixed premiums that remain the same over time. Best of all, when you purchase your life insurance policy, you can choose to pay off your policy in 10, 20, or 65 years, giving you more flexibility and control over your premium payments. To be clear, life insurance gives you more control over how your premiums are paid. You can choose to pay off your premiums immediately or spread them out evenly over your lifetime. This unique feature ensures you get the protection you need.