There are many good reasons to purchase a whole life insurance policy.
For instance, many parents purchase whole life insurance for their young children. That way, the price is locked--in at that
low rate for the child's entire life, and many life insurance companies will offer the opportunity
to increase that coverage amount without any health questions.
Another reason to buy whole life insurance is that the policy
doesn't end, so there is no way that you can outlive your life insurance coverage. Whole life insurance is guaranteed to payout a death benefit when you pass away, as long as the premiums have been paid for the coverage.
A third reason is that no matter how badly your health declines, you have life insurance that
can't be cancelled by the insurer for health reasons, and they can't raise your rates.
On the other hand, when a term life insurance policy ends, and
you want to get a new term life plan, your age and health issues are re-evaluated
when determining your eligibility for coverage, and the rate you will be charged for your term policy.
