You also have the right to borrow against the cash value on a loan basis. There are several variations of Whole life. The most common are Modified Premium and Graded Premium. These policies are used when whole life protection is needed, but can't be afforded. Modified Premium policies typically have a lower fixed premium for the first 3 or 5 year period, at which point premiums increase.
Modified policies work well for individuals that expect to improve their financial condition.
Graded Premium policies are similar, except the premium increases each year for the first 5 years, and then becomes fixed after that. Another common version of whole life is Limited-Pay. These policies are a variation that make it possible to stop premium payments at the end of a specified time period without a reduction in the death benefit. In other words, the policy becomes fully paid prior to age 100. It is strongly advised that when purchasing life insurance an attorney and or a Certified Public Accountant is consulted.