These savings if any will not be sufficient if you the bread owner was not around to look for your family. whole life insurance policy is making sure that you and your family has a safe and sound future even in your absence. The working of whole life insurance is very easy and hassle free. It consumes very less of your time and you are get set for a safe future. There are some ground rules that have to be met, namely the premiums be paid per month or as a lump sum amount for the entire period of the policy be it for 10 years. In the end, the immediate relative or spouse will get all the benefits of the proceeds after you leave.