Most important questions are, who is the insurer and is it a policy where you pay forever or only a specified amount of years (ie: 10 years).

Avoid whole life from anyone but new york life, mass mutual, and maybe northwestern. Even then, avoid unless it's a 10 year pay policy. It acts as a high yield saving account that should provide return of around 5/6% tax free, but probably not if you got it from Allianz or any other stock companies that do not have historical performance of profit sharing.