Compare whole life insurance Why choose a whole life insurance policy? Whole life insurance usually requires a long-term financial commitment with premiums payable over a 5 to 25 years period. However, whole life insurance policies can provide lifelong insurance coverage and financial assurance for you and your family. Some whole life insurance providers have even more flexible premium terms which allow you to pay premiums until age 64, thereby paying cheaper premiums monthly. personal insurance concepts, life insurance coverage As replacing or early terminating will result in financial losses, ensure that you have comprehensive coverage in your whole life insurance policy. This reduces the chances that you have to pay a higher premium when you are older to cover gaps in your insurance coverage shortfalls. Your whole life insurance plan should have sufficient coverage for: Death Terminal Illness (TI) Total Permanent Disability (TPD) Critical Illness (CI) Early Critical Illness (ECI)