Is There Any Reason To Buy Whole Life Insurance? 
Mortality in the United States stubbornly remains at 100 % . If you want to purchase a life insurance policy in anticipation of receiving a death benefit , then a permanent policy is your sole option . All other policies have a termination date . I am using the term permanent because it includes other policies that share these features with a whole life policy . Death is not the only opportunity for receiving benefits from a permanent life insurance policy . Throughout the existence of the policy you have access to the cash value of the policy . You can either withdraw money or take a policy loan . A policy loan does not require an application and can be taken in total privacy . These loans have assisted business owners through stressful period of time , by providing capital to keep the business afloat . Business owners often use permanent life insurance to make sure that funds are available for surviving partners to purchase the interest of a deceased partner in a business . They also use permanent life insurance in compensation packages . Some people use their permanent life insurance policy in their estate plan to pay taxes and to make sure heirs receive equal treatment . It is an excellent way to give a gift to a university or religious organization . The systematic nature of deposits in a permanent life insurance policy has enabled some people to develop significant wealth . It certainly can form the stable component of an overall financial strategy . The return in a permanent life insurance policy is competitive with other high-quality , fixed return assets and can provide tax free distributions as well as income tax free death benefits . Financial planning is about shifting assets . The most important shift is from current consumption to future consumption . You can make a choice between a low-fat caramel macchiato and money in your future . While certain coffee franchise would take offense that is really be beginning of the process . How much are you willing to invest in your future ? Because of its semi-compulsory nature , a permanent life insurance policy is a great place to start . I havent met anyone yet who honestly told me that they have too much permanent life insurance . Usually they are lamenting the escalating cost of their term life insurance . Today a significant amount of life insurance is purchased by people over age 60 . Can you imagine how they would have preferred to have made that purchase thirty years ago for the cost of a stop at the coffee shop ? Whole life insurance is the fully guaranteed permanent life insurance product . It is the basic policy from which all other forms of life insurance have been developed . Some will hold that whole life insurance is too expensive . However , if you are looking for a lifetime of coverage you will find it is very inexpensive unless you are wildly successful investor . If you look at the sum of premiums alone you will find that by life expectancy that term life insurance will have cost a significantly greater amount of money than the whole life . 