Whole life insurance provides coverage throughout the life of any policyholder. It lasts for the lifetime of the insured person and it opposite of the term insurance policy which is for a specific period of time. The premium amounts of this type of policy would not be changed for the life. It has a cash saving component which considered as the cash value. This cash value of whole life policy earns a fixed rate of policy which is get by the policy holder.
Benefits: Whole life policy holder gets death benefits and stays same till activation of the policy. Policy holder also withdraws and borrow the money from the premium payment amounts during the lifetime.