Which life insurance policy is designed primarily for lifelong protection and includes a savings component?

The life insurance policy that is designed primarily for lifelong protection and includes a savings component is Whole Life Insurance. This type of policy guarantees coverage for the insured's entire life as long as the premiums are paid.

Whole Life Insurance features a savings element known as cash value, which grows over time at a guaranteed rate. This cash value can be borrowed against or withdrawn if needed during the policyholder's lifetime. Additionally, whole life policies usually have fixed premiums, which means that the cost does not change as the policyholder ages, providing financial predictability.

In contrast, Term Life Insurance is designed to provide coverage for a specified period and does not include a savings component or accumulate cash value. Universal Life Insurance offers flexibility in premium payments and death benefits but focuses more on the cash value accumulation and can be adjusted based on the policyholder's needs. Limited Pay Life Insurance is similar to Whole Life but requires premiums to be paid only for a limited time while still providing lifelong coverage, yet it may not be the primary option associated with a traditional savings component.

Overall, Whole Life Insurance stands out for its lifetime protection and inherent savings feature, making it a popular choice for those seeking both insurance and an investment component in their life policy.