A Whole Life Insurance policy never expires as long as you continue with the payments, the policy will stay in place regardless of your age and health at no higher cost to you. As stated, with Whole Life Insurance the cost of the policy will never increase as long as the payments are met. Compared to the standard life policy you get a better deal as the cost of those policies will always rise because as you get older the chances of dying increase.
One reason why this policy is a popular choice is that it also helps to cut your family tax bill, mainly inheritance tax. When you pass away inheritance tax is charged at a certain percentage on all assets worth more than a set amount, however, if you take out a whole life insurance policy it will ensure that your beneficiaries should receive a tax free lump sum.
Whole Life Insurance policies regularly pay out dividends. It is then possible that the money can then be used, if you wish, to purchase extra life insurance (paid-up additions), this will then increase the overall total death benefit that will be paid out and also increase the cash value of your life insurance policy. There is also an option to withdraw a small amount or all of the dividends in cash and this will be tax free.