As the name suggests, whole life insurance is insurance in which the policy remains in effect for your entire life. It has several advantages and it’s also easy to understand and take out a policy, making it one of the most popular types of life insurance. As long as you pay your premium, the policy remains in effect and can’t be canceled; and the amount you pay in premiums doesn’t increase. Your beneficiaries don’t need to worry as they will receive the cash payout in the event of your death, regardless of when that will be. And a whole life policy also builds cash value too, making it possible to borrow money against the policy in the event of an emergency. It’s easy to find this type of insurance, but as with everything else, it pays to shop around and compare different policies.