<prompt> Human: My wife and I both have term life insurance policies that are about 10X our annual income. I prefer the term life insurance because the premiums are so much cheaper. Play devils advocate and convince me why whole life is better.  <response>: Its useful for replacing wealth lost to estate taxes for the wealthy, mostly. There are also uses for people who simply need insurance permanently like those with special needs children. It can also guarantee future insurability if you become uninsurable. There are a lot of business planning uses. A lot of succession plans are difficult to accomplish without buy-sell agreements funded with insurance policies.For the average person, theyre trash. 