Term and whole life insurance policies both have their uses. Neither is truly better than the other, but they each should be used in different scenarios. Term life policies are generally a good investment for people who simply want to make sure their family will be taken care of if they pass away unexpectedly during their working years. The lower premiums are affordable even when raising a family, and policyholders can stop paying the premiums when their policy’s term is up. Whole life policies are useful for people who want to save up for retirement within their policy. People who like the convenience that these policies offer and are comfortable with the investment choices they provide might not need to invest through another account.