A whole policy provides more flexibility in that you usually have more freedom to change the overall death benefit, and this type of life insurance policy can accumulate a cash value. (netquote.com)
If you were to die, your family won't get the full death benefit because the premiums taken from the cash value will be deducted from the overall death benefit. (termlife2go.com)
You use the whole life insurance policy dividends paid by the carrier to purchase extra paid up coverage, which contributes to your overall death benefit, while simultaneously increasing the cash value of your policy. (termlife2go.com)