Whole life insurance provides your family permanent death-benefit protection combined with a savings component that offers you a benefit while you're still living.
We refer to whole life as cash value life insurance. A cash value life insurance policy is a powerful tool for your money and your life. As you pay your normal insurance payments, a part of the payment builds a cash value asset within your insurance policy. Now you have a life insurance policy that will pay your loved ones, but it also gives you access to your money while you're still alive!
Whole life insurance is considered permanent life insurance because it does not expire based on a term.