There are some alternatives to whole life insurance, including term life insurance, single premium life insurance, and other types of permanent life insurance such as universal life. Since term life insurance is more affordable than whole life, you can purchase much more coverage with the same amount of money. Single premium insurance is a type of whole life policy only requiring one upfront payment instead of a periodical payment for lifetime coverage. And other types of permanent policies have different premium rates and features that can cater to your various needs.