Whole life insurance is the grand daddy of permanent life insurance. The original design came about to guarantee a death benefit for the whole life of the insured. Most whole life insurance policies endow at age 95. That means that the face amount of the policy and the cash value are the same when the insured reaches the attained age of 95. The whole life insurance policy introduced a cash value accumulation feature that enables the policy to sustain coverage until either the insured dies or reaches the age of 95 when the policy fully endows. Whole life insurance policies have other riders that can be purchased along with the base amount. The waiver of premium benefit is often purchased as an additional rider. This benefit will activate if the insured suffers from an injury or illness disability. The premiums of the whole life insurance policy are waived. This can be a lifetime benefit if the insured is never able to work again.

Accidental death riders are often added to the whole life policy. These riders will often double or triple the amount of the death benefit if the insured dies in an accident. There are some companies that pay dividends along with the cash value increase within the policy. These are called mutual companies. The premiums are usually higher in the mutual policy but the benefits are also more extensive. Whole life insurance has survived a lot of storms. Inflation took its toll on whole life insurance during the inflation years of the seventies and eighties. Whole life insurance is still a very stable product and is the preferred form of permanent life insurance for a lot of people. There is very little risk with the whole life policy. The market has very little affect on the whole life insurance fixed cash value accumulation. Shopping for whole life insurance is relatively easy also because it is an industry standard.

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