Provides coverage for an individual’s whole life, rather than a specified term. A savings component, called cash value or loan value, builds over time and can be used for wealth accumulation.
Whole life is the most basic form of cash value life insurance. Premiums are fixed throughout the life of the policy.
People looking a very simple Life Insurance Policy with the ability to accumulate cash value in most cases this is also the most expensive route to go for coverage provided compared to premium paid.