Often times these types of policies will include a clause requiring evidence of insurability. So, if you were ill, it might be impossible to get insurance in a time when you might need it most. In addition, this type of policy does not build cash value and is only used for death protection. The cost is guaranteed for life. Premiums remain constant throughout one's life.
Coverage is permanent when premiums are paid on time.
Provides cash value accumulation with tax deferral. Borrow against the cash value with no penalty. Dividends can be earned. Numerous customizing options. D eath benefit is usually free from federal estate taxes.