Which of the following statements is true about the premium amount schedule for a Whole Life policy?

The statement that premiums are payable throughout the insured's lifetime, and coverage continues until the insured's death, accurately reflects the nature of Whole Life insurance policies. Whole Life insurance is designed to provide lifelong coverage, and one of its key features is that premiums are typically paid for the duration of the policyholder's life. This ensures that the policy remains in force until the insured passes away, at which point a death benefit is paid to the beneficiaries.

Unlike term life insurance, which covers a specified period and has no cash value, Whole Life policies build cash value over time and offer a guaranteed death benefit. The consistent premium payments can be fixed or level, providing predictability for policyholders in managing their finances. This stability and guaranteed coverage until death are significant selling points of Whole Life insurance.

The other options suggest characteristics that do not apply to Whole Life policies. For instance, saying that premiums are only payable for a specific number of years would imply a temporary coverage that is typical of term policies. Similarly, the notion that premiums can vary based on market conditions does not align with Whole Life's structured premium payments; instead, variations in premiums may occur in other types of insurance, such as Universal Life. Lastly, while lump-sum payments are an option,