Is Whole Life Insurance A Good Option? 
The short answer is it depends . Whole life insurance has it 's place in a persons financial plan as do the other types of life policies . Whole life insurance is designed to last your `` whole life '' as a death benefit to loved ones at a level premium . However , because of the cash value it accumulates it is known as the Swiss Army knife of life insurance . The funds can be used for retirement savings , college funds or cash during a critical illness . Whole life gets criticized because it 's premiums are more expensive than it 's term life counter parts . Depending on your personal situation you may want to consider both whole and term for your protection . I am always glad to help . 