A great discussion topic, and I am impressed by the debate on this subject. I would personally like to input my knowledge of this area. A whole life insurance policy is beneficial, from my experience, and it offers the following advantages, as follows:

1. The whole life offers you the ‘death benefit’ that never reduces. Along with the ‘death benefit’ no federal income taxes are charged to the beneficiary upon the death of those insured.
2. The ‘cash value’ is an important feature of whole life insurance policy; the cash value is an investment that grows based upon the assets allocation chosen by the insured. In my case, I chose an aggressive allocation for my policy that I acquired fifteen years ago. The returns have grown tax-free, and I’ve received a substantial cash value that exceeds my original investment in the whole life policy.
3. Premium levels are always consistent. The premium that you pay will always stay the same, unlike a term policy which requires a renewal at much, higher rate.
4. The whole life policy allows the insured to borrow against the cash value of his or her policy.

I found the advantages of whole life insurance are worthwhile.