Whole life insurance quotes are higher than Term life, which seems to be the direction that most consumers are going these days. The reason for this is because whole life insurance also has a savings plan within the policy that accumulates what's called "cash value" over the life of the policy. You can borrow against this cash value later on in life if needed and use it for practically any purpose.

Another reason that many people are leaning towards Term life, rather than whole life, now is because Term life is known as "pure" insurance coverage and there is no savings plan involved. Because of this it's much less expensive. You can buy a 10, 20 or 30 year Term life policy that will get you beyond most of lifes major expenses and save yourself a lot. This is how.

The question that I have for most people is "why would you want to invest in an insurance policy when you can invest elsewhere and get a higher interest rate?" If you're going to buy life insurance, buy life insurance, but if you want an interest bearing savings plan, you should see your banker or other financial advisor. It is definitely a good idea to diversify your funds by having several different savings accounts, however, Whole life insurance is over priced and there are simply better ways to invest your hard earned money.