Like a savings account, whole life insurance is a way to save money your loved ones can use after your death while also earning interest. Whole life insurance usually offers higher, untaxed earnings than a savings account, however. You can also borrow from the policy over your lifetime, which is often more affordable than taking out a personal loan. For some people, though, a savings account can be a better choice since it doesn't require you to pay monthly premiums. At eFinancial, we'll help you consider your options and choose the best type of savings for your situation.