Does It Make Sense To Buy Whole Life Insurance? 
That is an excellent question ! There are several reasons why buying a whole life policy makes sense . One reason is the security of knowing that no matter what happens during your life , the policy will protect those you love . If your health takes a turn for the worse , your coverage remains . It ca n't be cancelled by the company for any reason but underpayment , in most cases , and you are covered as long as you live . Another advantage is that the premium price is fixed , so the younger the age of person insured , the cheaper the policy . And that price does n't increase . My policies still cost me less than $ 10/month , and I 'm a whole lot older than I was when my Dad bought them for me . Yet another is the fact that the payout is known , guaranteed , and left behind as a tax free , probate safe -LRB- almost always -RRB- benefit for your loved ones . The financial people that advocate `` buying term and banking the savings '' ca n't guarantee the same results unless you are ` lucky ' enough to pass while your term policy is in effect . And since statistically the vast majority of Americans ca n't save money , it truly does make sense to have a ` forced savings ' plan like a whole life policy . Lastly , the policy over time builds cash reserves that can be borrowed from should they be needed . These policy loans are typically low interest and quickly done , with very few steps . I 'd ask that you meet with a good independent agent and discuss with them your exact needs for the policy you are looking for ; they can help you find the policy that will suit you best . Thanks for asking ! 