Which of these is NOT a key characteristic of whole life insurance?

Whole life insurance is designed to provide coverage for the entire lifetime of the insured, making it distinct from other types of life insurance policies. A key characteristic of whole life insurance is the level premium, which means that the premium payments remain constant throughout the life of the policy, making budgeting easier for policyholders.

Another important feature is the cash value component. Whole life policies accumulate cash value over time, which policyholders can borrow against or withdraw. This aspect adds an investment component to the insurance, providing potential benefits beyond just the death benefit.

Living benefits refer to the ability of policyholders to access certain benefits while they are still alive, such as accelerated death benefits in cases of terminal illness. This is also a characteristic found in many whole life policies.

On the other hand, adjustable premiums are not a feature of whole life insurance. This characteristic is typically associated with other types of policies, such as adjustable life or universal life insurance, where the policyholder has the flexibility to adjust premium payments and death benefits. Thus, the correct answer identifies adjustable premiums as the feature that is not characteristic of whole life insurance.