I could've sworn that I wrote about this article, but I can't find it. So it's better to just write it again than wonder where it is. Edit: here it is:
https://www.davidkinderfinancial.com/post/life-insurance-myth-4b-i-can-get-cheaper-whole-life-with-vanishing-premiums The White Coat Investor has many articles showcasing his misunderstanding and common thoughts about whole life insurance. Many other agents try to combat with the author in the comments of those articles.
However, this link by The White Coat Investor is all I want to highlight:
Whole Life Insurance
A lot of people think they know my thoughts on whole life insurance and they’re positive I think it is the devil’s tool and should never be purchased or kept.
In reality, I think whole life insurance is a combination of crummy insurance and a crummy investment usually poorly designed and sold inappropriately. However, I fully acknowledge that it has a set of characteristics that can be attractive to a few people and if those people fully understand what they are buying and still want it and make sure the policy is designed to maximize their desirable characteristics, then they should go ahead and buy it. It does have a few niche uses. I also fully acknowledge that there are times when it makes sense to keep a policy that should not have been bought initially.
And in that context, I completely agree. It's not just ANY policy that makes these desired characteristics shine. It's a properly maximized one designed by a specialist to create this for you in mind. And yes, it can also make sense to keep a policy that wasn't properly structured before - usually for health purposes. Generally, it's better to have 'A' policy than no policy.