Whole life insurance is a type of permanent life insurance. It is best suited for insurance needs that are permanent, i.e where you're planning on keeping the life insurance forever.

Whole life insurance is generally characterized by premiums that are level for life, and cash surrender values if you cancel. While there are many variations around that, that is the basic precept to permanent insurance.

If you're looking for life insurance to cover off shorter term needs (like mortgage life insurance) then term insurance is likely a better fit for you. In addition, if you are looking for permanent insurance, guaranteed Universal Life Insurance premiums are cost competitve with whole life insurance.