Whole Life Insurance
Whole life insurance is a type of permanent life insurance, which stays in effect for as long as you pay the premiums. This means you never have to worry about losing your safety net as you get older.
Whole life unlike Term Insurance has a cash value, which is an investment-like product coupled with the insurance policy. It is similar to a simple savings account.
Your premium payments are split between the death benefit and cash value. Over time, the death benefit shrinks and the cash value component grows until the policy consists entirely of the cash value. The cash value can be used for many different things: including taking out a loan, drawing from it for retirement or funding the policy.