Who Should Have Whole Life Insurance? 
The reason that anyone would carry a whole life policy is someone who realizes that may need life insurance for their `` whole life '' at one level premium . This is first and foremost . Understand that whole life insurance policies are the Swiss Army knife of life insurance because of their versatility . Their funds can be used for things such as retirement , college and critical illnesses . However , the main reason is for having coverage for your whole life at one level premium and protecting your insurability for life . 