Which statement about Whole Life insurance is NOT accurate?

Whole Life insurance is designed to provide lifelong coverage to the insured, meaning it remains in effect for the entirety of the policyholder's life, as long as premiums are paid. This type of insurance also uniquely accumulates cash value over time, which policyholders can borrow against or use in various ways. Additionally, Whole Life insurance features a fixed premium, meaning that the policyholder will pay the same amount throughout the life of the policy, providing stability in planning for insurance expenses.

The statement that Whole Life insurance only covers the insured for 10 years is inaccurate because Whole Life is intended to provide permanent coverage, not a term or limited-period policy. Therefore, the correct understanding is that it does not expire after a set number of years, but rather offers a lifetime of coverage as long as obligations are met.