Whole life insurance is characterized by which of the following features?

Whole life insurance is characterized by a cash value component, which sets it apart from other types of life insurance policies. This cash value accumulates over time, providing a savings aspect in addition to the death benefit. As premiums are paid, a portion goes toward building this cash value, which can be borrowed against or withdrawn by the policyholder. This feature provides both financial security for beneficiaries upon the policyholder's death and an investment element that can grow in value while the policy is active.

The other options do not align with the characteristics of whole life insurance. A fixed premium for a limited time is typically a feature of term life insurance, not whole life, which has premiums that remain level throughout the life of the policy. Coverage for temporary risks is characteristic of term insurance, as it is designed to provide coverage for a specific period. Lastly, whole life insurance does not only provide death benefits; it includes the cash accumulation component, making the option of having only death benefits without cash value accumulation incorrect.