Is Whole Life Insurance For Me? 
Five reasons Whole Life Insurance may be for you : 1 -RRB- You want to buy your life insurance one time in your life and never have to worry about it again . 2 -RRB- You want a policy that will have cash value so you can `` borrow from yourself '' in the future . 3 -RRB- You want to be sure your policy will be in effect when you die , even if you live to a ripe old age . 4 -RRB- You want a policy that you can have paid off by the time your retire . 5 -RRB- You want a policy that will give you something back if you decide to drop it later in life . Five reasons Whole Life may not be for you : 1 -RRB- You ca n't afford it at this point in time -LRB- you could get Term now and buy Whole Life later -RRB- . 2 -RRB- You have a temporary need and will not need life insurance after that is over . 3 -RRB- You are young and want a vehicle to aggressively save for retirement -LRB- an indexed or variable policy could work better -RRB- . 4 -RRB- You want a permanent policy but do n't care about cash value -LRB- a guaranteed UL may be cheaper -RRB- . 5 -RRB- You have all your financial bases covered in other ways . 