As its name suggests, whole life insurance furnishes protection for the “whole life” of the purchaser. Whole life insurance is often purchased not only as premature death protection but also as a vehicle for accumulating funds for emergencies and as a supplement for retirement.
A whole life certificate also has cash value that can be used to take advantage of business or investment opportunities, help to defray your children’s college costs, or supplement retirement income. It also offers guaranteed protection and guaranteed growth at a guaranteed price.