Not many who have considered the matter of life insurance have been able to avoid the issue of term vs. whole. Getting the wrong kind of plan can adversely affect your financial plans. It is a basic question of meeting your long-term needs.
Most experts say that there are only two basic kinds of life insurance.
Term life policies offer death only for particular, pre-chosen period of time. If you die within the period of time specified by your policy, the insurance company will pay the death benefit. Whole life policies offer both death benefits and a savings account with a cash value. If you live, you get at least some of your money back. You can even borrow agains your insurance savings account.