Whole life insurance policy is a great tax shelter vehicle. When you invest into life insurance, you may get the following benefits:

1) Tax free growth of investment
2) Tax free loans from the policy
3) Tax free contributions to the policy
4) Cash in the policy fully protected from creditors in the event of liquidation
5) Provides great conservative rate of return in most cases higher then Money market instruments (rates of return may vary depending whether its a stock or mutual company)

If an individual is high net worth, he/she may choose to contribute a lump sump into the life insurance policy and place it in the irrevocable trust, protecting the monies in case of law suites, divorces and such...

Life insurance primarily is for death benefit purposes, but it also can be viewed as one of the best investment vehicles.