There are some key attributes of whole life insurance that set it apart and make it very unique versus term insurance. All of the below are true, except:

Policy holder can withdraw funds from their cash value account at no penalty

Premium holiday $-$ if you need a break from paying premiums, the funds in the cash value account can cov them

Cancellation outcomes $-$ if you no longer need life insurance, you can take out the cash surrender value; if you still need life insurance, the insurance company can typically find another option via a paid$-$up policy

Policy loans $-$ you can take a low$-$interest, flexible repayment loan against your cash value account