The need to purchase a whole life insurance policy is based on your specific need. Whole life as the name suggests is a life insurance policy designed to have a death benefit that lasts your entire life regardless of age of death. Whole life insurance has evolved into what some consider the Swiss Army knife of life insurance policies. The cash value can be built up and used as a tax free retirement vehicle, a child's college fund or future savings in life. Whole life insurance riders can cover terminal illness, critical illness, long term care needs or even some disability payments. Just be cautious when purchasing a whole life insurance policy. They can be rather expensive policies.
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1. Those who have a permanent need for death benefit (there can be a myriad of reasons for why someone might need permanent death benefit)
2. Those who would like to add a low risk asset to their portfolio that is very market neutral.