Term life can cover you from one to 30 years, and there may not be a large need for insurance after you debts are paid, etc. Your senior years are when you'll most likely use your life insurance, and you want to have coverage during these years. Term life protects against something that has a time constraint, like say, your mortgage or paycheck.
Term life is used to protect primarily against pre-mature death.
Consider whole if you have few assets and want to create an estate or at least pay for your burial. There is some peace of mind by buying whole life because you'll always have coverage as long as you pay your premiums. Go to Insurance needs for more on this topic. Term life can save you many shekels or allow you to purchase a larger death benefit because you're only paying the cost of insurance and building no cash value. But remember, the chances of you dying prematurely are lower, and premiums for term life reflect that.