Which of the following statements is true about whole life insurance policies?

Whole life insurance policies are designed to provide both a death benefit and a savings component, making the statement about them being true. This dual structure is a key feature of whole life insurance. Policyholders not only secure a guaranteed death benefit for their beneficiaries upon their passing, but they also accumulate cash value over time. This cash value can grow at a consistent rate, and policyholders may borrow against it or withdraw funds when needed.

In contrast, the other statements are not accurate representations of whole life insurance. For instance, whole life policies are generally more expensive than term life policies due to the added savings component and the lifetime coverage they provide. They are designed to last the insured's entire life, rather than just a set term, which is why they do not have a limit on coverage until a certain age. Furthermore, health verification is typically needed for most applicants to determine insurability and pricing, which makes the assertion about not requiring health verification inaccurate. Thus, the comprehensive benefits associated with the death benefit and the savings aspect validate why the statement regarding them is true.