The whole life policy will protect you as long as your live. Premiums will not increase and the death benefit won't decrease. As we age, life insurance rates increase. If your health declines, purchasing a brand new plan can be very expensive. Whole life insurance policies offer financial stability and peace of mind, allowing you to live your life with confidence. There are basically two types or forms of policies. There are two types of whole life policies: one that increases in value over time and another that does not.