I had two whole life policies. One was in conjunction with an RRSP. I was able to start drawing on it at 65. I cashed it in and moved it to another RRSP and received $125,000 after paying in about $57,000 over 38 years.
The other policy I have I paid about $20 a month for 35 years and is not an RRSP. It is worth about $25,000 if I cash in and is worth $50,000 if I die. I no longer make payments past age 65.
Bottom line I had $100,000 life insurance from the time I was 30 for less than $150 a month plus a $1400 RRSP deduction for 38 years.
Had I went with term insurance I would have paid less but I would now have only a death benefit.
For a young person who is not an active investor I recommend to go for whole life over term.