Why do people buy whole life insurance?

There are a few common reasons most people purchase a whole life insurance policy.

1. To provide lifetime life insurance protection.

2. To build up cash value in a life insurance policy over time from which they may be able to take a loan if needed.

3. Because they are older and don;t have any money saved to pay for their funeral and burial expenses.

Otherwise, many people choose to buy term life insurance because it costs a lot less, and provides the most life insurance protection for the money. Also, level term life insurance has guaranteed level rates for up to 30 years.