As a result, people who buy whole life often can't afford an adequate face value, leaving themselves underinsured. Whole life policies are built on assumptions. And some companies keep these guesses of future returns on the high side to attract more buyers. Keep your investing and insurance strictly separate. Buy enough term coverage to fill your needs.
Life insurance is no place to skimp, especially with rates at historic lows.
Use our calculator to get a rough idea of how much insurance you need. Match the term of the policy to your needs. Buy when you're healthy. Older people and those not in the best of health pay steeply higher rates for life insurance. So buy as early as you can, but don't buy until you have dependents.