At this point, the purposes served by whole life insurance should be clear. In summary, the whole life policy

The protection function is particularly applicable to a surviving spouse�s need for a life income, last-illness and funeral expenses, expenses of estate administration, death taxes, philanthropic bequests, and the needs of dependent relatives other than the surviving spouse. The general savings feature of the whole life policy is useful in a financial emergency or as a source of funds to take advantage of an unusual business or investment opportunity. The policyowner may use the policy for the specific purpose of accumulating funds for his or her children�s college education, to set a child up in business, to pay for a child�s wedding, or to supplement the insured�s retirement income.