Whole life insurance is generally used when the need for life insurance is lifelong, or permanent. It has a built-in savings element since you will pay premiums and build up a cash value within the policy. Whole life insurance may be used as a part of your estate planning.

Premiums for whole life insurance may be higher than premiums you would pay initially for the same amount of term insurance, but they are smaller than the premiums you would eventually pay if you were to keep renewing a term insurance policy.

Whole life insurance is a good choice for you if you want to ensure that you have a life insurance policy in place for your entire lifetime.