Which of the following policies is categorized as a whole life policy?

Single premium life insurance is categorized as a whole life policy because it provides coverage that lasts for the insured's entire lifetime, as long as the premiums are paid. In this case, the policy is bought with a single lump sum premium payment at the outset, which then leads to a guaranteed death benefit and cash value accumulation over time. Since whole life insurance is structured to remain in force for the insured's lifetime and build cash value, single premium life fits this definition perfectly.

Whole life policies, including single premium life, are known for their stability, and policyholders can depend on a fixed premium, which does not change throughout the life of the policy. This predictability of cost is an appeal for many policyholders looking for long-term coverage.

The other types of policies listed do not classify as whole life policies. Credit life typically covers a loan amount and is not designed for lifetime coverage. Renewable life allows for renewals but is usually term insurance, not whole life. Convertible life offers the policyholder the option to convert from term to whole life but is not itself classified as whole life until the conversion occurs.