Whole life annuities are a type of annuity that provide guaranteed regular income payments to the policyholder stretching from the time payments began until the death of the policyholder or their spouse. This annuity product is often used for retirement income planning or for people who need a reliable source of income for the long-term. Whole life annuities offer many advantages for the policyholder, such as allowing them to access the cash value prematurely, offering tax deferral options, and providing the policy holder with a steady stream of income that is not affected by market fluctuations.

Whole life annuities feature a guaranteed rate of return, making them a relatively safe investment option. Since the policyholder's income is guaranteed, they also have a level of stability that is not as common with other types of investments, such as stocks or mutual funds. The returns are also typically higher than with other more traditional investment products. The downside is that annuities often come with a variety of fees and charges and the policyholder's income is sometimes taxed more than with other investment products. In addition, some people may be uncomfortable with the lack of flexibility that comes with an annuity, since the policyholder may not be able to access the money upon demand.

Whole life annuities are often used by older people as part of their retirement planning strategy as they provide steady income and protection from market fluctuations. They also provide a sense of security since the policyholder’s income is guaranteed for the duration of their policy. However, since annuities tend to have higher fees and can be difficult to understand, it is important to research the product and make sure it is the right one for you before making a purchase.