Whole life insurance builds cash value that can be important even before a death benefit is paid.
Help if physically disabled. With a "waiver of premium disability rider" on your policy, your life insurance will remain in full force if you become disabled, and your premium payments will be waived. Your policy's cash value will continue to grow.
Help if financially disabled. If you suffer a temporary downturn in your finances, your premium payments can be paid from your policy's cash value until the cash value runs out. Until then, your protection will remain in financial feet.
Loans when needed. You can borrow from your policy's accumulated cash value with no mandatory repayments hanging over your head. Of course, loan interest will continue to accrue, and if you never repay the loan, what you owe will be deducted from any future death daim payout. But at times of financial stress, the option to defer repayment could be a key benefit.
Added retirement savings. A large majority of Americans are not saving adequately for retirement. Your policy's cash value could become a crucial resource for retirement income.