Whole life insurance is a type of permanent life insurance often referred to as ordinary life insurance where a level premium is paid for life. It basically combines a term policy with an investment in bonds or stocks. The policy builds cash value that you can borrow against. Whole life insurance tends to be more expensive than term life insurance because you are paying for the investment portion of the policy in addition to the insurance. The rate of return on the investment portion is generally not high enough to justify the additional cost of investment, although each policy should be analyzed individually. The three most common types of whole life insurance are traditional whole life policies, universal and variable.

A minimum cash value growth is guaranteed in the policy, by the company. The primary advantages of whole life insurance include access to cash values, level premiums, and a guaranteed payment of benefit upon death. On the other hand, disadvantages of whole life insurance include rigid premiums, and a rate of return on the policy that is impractical compared to other investment vehicles.

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