WHOLE LIFE INSURANCE

Whole Life is a plan that lasts your whole life. Now the reason it is so popular is because the way it works is kind of like a savings account.  So any money you ever spend on this program is still your money.  It grows with a cash value and earns a small interest rate.  So 5,10 years from now if you have an emergency and you need to tap into the account you have the option to do that. Also you get Living Benefits (Critical illness, Chronic illness, Terminal Illness)  included at no additional cost.

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Whole life insurance offers death benefit protection for the insured's entire life. The beneficiaries will receive a payout if the policy is paid up at the time of the insured's death. In contrast to term life insurance, which is only valid for a predetermined number of years, whole life insurance never expires.

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Whole life insurance has a savings component in which cash value may build up in addition to paying a death benefit. A fixed rate of tax-deferred interest is accrued. 

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The policyholder of a whole life insurance policy may withdraw or borrow from the cash savings portion of the policy.

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Although the premiums tend to be higher than term life insurance, the premiums will not increase over time.