Term and whole life solve different problems. Term covers a period of your life at a lower price. Whole life covers all of it at a higher one. The right choice depends on how long the need lasts.
Length: term ends after a set number of years; whole life lasts as long as premiums are paid
Price: term costs far less for the same death benefit
Cash value: whole life builds it; standard term does not
When term usually fits
Choose term when the need will end: a mortgage that will be paid off, children who will become independent, income you need to replace only until retirement.
When whole life usually fits
Choose whole life when the need never ends: final expenses, a guaranteed inheritance, or lifelong support for a dependent. Older adults who mainly want to cover funeral costs often buy a small whole life policy for this reason.
Common questions
Can I switch from term to whole life later?
Many term policies include a conversion option that lets you move to permanent coverage without new health questions, up to a deadline set in the policy.
This page is general information, not insurance, legal or tax advice. Policy terms, eligibility and pricing vary by insurer and state. A licensed insurance agent can explain the specific products they offer.