Whole Life Insurance (also known as Whole of Life Insurance) provides coverage for your whole life and requires premiums to be paid each year. It is the right choice if you want to ensure that you have an insurance policy in place for entire lifetime and can comfortably pay premiums which will never increase. Also, some people choose a whole life insurance policy to aid in their retirement planning.

The whole life insurance has a guaranteed cash value which commonly is increased based on a predetermined schedule during the life of insurance policy and which should equal the death benefit upon maturity of the policy.
Cash value in your policy will increase slowly in the first years and gradually the amount will grow more quickly. Since premiums stay the same, the younger you are when you buy insurance, the cheaper premiums will be. The whole life insurance is more expensive then term insurance but premiums are guaranteed never to rise.