Whole Life Insurance at times is referred to as "Permanent" Life Insurance because unlike Term Life that terminates, the coverage can last as long as you are alive. A person or business would buy permanent life insurance for a permanent need, such as an estate liquidity, safe, tax deferred cash accumulation and leaving a legacy.

Whole Life, Flexible Premium Universal Life, Indexed Life, & Variable Life all share the ability to build tax deferred accumulation/cash values. The cash values typically are a combination of guarantees and investment returns.

After a few years of cash value accumulation it is possible to stop paying premiums, while the coverage and cash value continues!