When Does It Make Sense To Buy Whole Life Insurance? 
The need to purchase a whole life insurance policy is based on your specific need . Whole life as the name suggests is a life insurance policy designed to have a death benefit that lasts your entire life regardless of age of death . Whole life insurance has evolved into what some consider the Swiss Army knife of life insurance policies . The cash value can be built up and used as a tax free retirement vehicle , a child 's college fund or future savings in life . Whole life insurance riders can cover terminal illness , critical illness , long term care needs or even some disability payments . Just be cautious when purchasing a whole life insurance policy . They can be rather expensive policies . 