Whole Life Insurance Benefits
Whole life policies offer you a fixed level premium that won't increase, the potential to accumulate cash value over time, and a fixed death benefit for the life of the policy. In addition:
Any cash value growth is tax-deferred (as it is with universal life)
Whole life may allow you to make withdrawals and loans against the policy
Whole life offers the ease of budgeting for a regular and consistent premium payment every month
Some people may prefer the set death benefit, level premiums, and the potential for growth of a whole life policy. However, for those who would prefer to have more flexibility and options when it comes to their permanent life insurance, then universal life might be the better choice.
- See more at: http://www.protective.com/learning-center/life-insurance/what-is-the-difference-between-whole-life-and-universal-life-insurance/#.dpuf