Is Whole Life Insurance A Good Thing? 
Whole life insurance is a very good thing for most people . The primary purpose of a whole life policy is to have a level premium for a specific death benefit designed to last your `` whole life '' when you die to pay a beneficiary . Whole life insurance is known as the Swiss Army knife of life insurance policies as it 's cash value can be used numerous ways for retirement , college funds , pay down a mortgage or help with an unexpected critical illness . 