Money Supply and the Money Multiplier. Money, either in the form of currency or as bank reserves, is a liability of the central bank. The central bank controls the monetary base, expanding or contracting it at will, according to the needs of the economy.
Whole life is also more expensive because of the costs of storing and investing your premium money. Unlike term, the money that you put into your whole life policy can be borrowed from the policy if you need it. Term policies only collect enough to cover the cost of your insurance, and have no cash value.
That is one of the myths of cash-value life insurance â that it is an investment. Buy life insurance only if someone you love will suffer financially by your death. If no one in your life is dependent on you financially, then it might make sense to drop the whole life insurance. Clearly, you are feeling uncomfortable with what you have now.