Whole Life Insurance pays a death benefit to the beneficiary you name and offers you a cash value account and tax-deferred cash accumulation.  The policy remains in force during your entire lifetime and provides permanent protection for your dependents while building a cash value account. The insurance company manages your policy's cash accounts.

Pros:

Whole Life Insurance has a savings element (cash value) which is tax-deferred. You can borrow from or cash in the policy during your lifetime. It has a fixed premium which can't increase during your lifetime (as long as you pay the planned amount) and your premium is invested for you long-term.

Cons:

Whole Life Insurance does not allow you to invest in separate accounts, i.e. money market, stock, and bond funds. Does not allow you to split your money among different accounts or to move your money between accounts and allows no premium flexibility nor face amount flexibility.