The pros of Whole Life Insurance are:
1. Its permenent Insurance for your entire life
2. It is a very stable product
3. For extremely wealthy people can be used (often with a lawyer) to help minimize income and possibly income taxes.
4. It can successfully be used for business life insurance policies.
5. It is a good tool for people that need to fund a "Special Needs Trust."
The Cons of Whole Life Insurance are:
1. It is extremely expensive
2. Its life insurance for your whole life and many people do not need that
3. It is be quite complex and hard to understand
4. Insurance Agents make large commissions selling it
5. It is generally considered a poor investment
6. It takes somewhere between 10 to 20 years for the invesmtent side of it to make any sense.
7. In general it is an antiquated product when compared to 529s, Roth IRAs, 401Ks, UTMA accounts, HSAs, and other newer tax defferred and tax free accounts.