Whole life also known as straight life, or permanent life insurance provides lifetime protection for a specific amount. Whole life is basically term insurance with the addition of an investment component. Whole Life Insurance has a lot of advantages over Term Life Insurance.

Advantages

Whole life policies are generally a little more expensive, but work especially well for estate planning, because the policy can be set up to pay estate taxes upon death. This can save heirs hundreds of dollars because the estate then does not have to be settled through the government. Other advantages of whole life insurance include: