Which of the following is a common feature of whole life insurance?

Whole life insurance is known for its ability to accumulate cash value over time, which sets it apart from other types of insurance like term life. This cash value grows at a guaranteed rate and can be accessed by the policyholder through withdrawals or loans against the policy. This feature not only provides a death benefit to beneficiaries but also serves as a savings component that can be utilized during the policyholder's lifetime, making it a valuable financial tool.

The option referring to limited time coverage is characteristic of term insurance, not whole life. The assertion that whole life is always less expensive than term insurance is misleading, as whole life policies generally involve higher premiums due to the cash value accumulation and lifetime coverage provided. Finally, whole life insurance policies can often be transferred to another owner, contrary to the suggestion that they cannot be transferred. These distinctions affirm why the ability to accumulate cash value is a defining feature of whole life insurance.