Whole life insurance is one alternative to term life insurance that provides coverage on the insured for their entire life. Generally, the premiums remain fixed over the life of the insured and the death benefit remains the same. Whole life insurance can provide pre- tax accumulation of cash value that can be withdrawn prior to the death of the insured (subject to surrender charges). Whole Life Insurance is one type of insurance referred to as permanent insurance. Premiums are more expensive than term insurance.