Whole Life Insurance is a level premium, cash-value accumulating policy guaranteed by the insurance company for your “whole” life. The main advantages of whole life plans are: guaranteed death benefits, guaranteed cash values, and fixed premiums. Premiums are much higher than term insurance in the short-term, but cumulative premiums are roughly equal if policies are kept in force until average life expectancy. The Cash value can be accessed at any time through policy "loans". Since these loans decrease the death benefit if not paid back, payback is optional.