The best type of insurance depends on your risks and needs. Term is used to cover risks with a start and end date, such as a mortgage. Whole life insurance is ideal for insuring a person’s lifespan. Term insurance is cheaper, which may better suit tight budgets (remember, however, that it will expire and then be much more expensive upon renewal). Whole life insurance, while initially more costly than term at first, can be cheaper in the long run because the premiums do not increase.