While it's always a good idea to consult a licensed agent as you make your choice, there are some helpful hints if you're having a hard time deciding between term and whole life insurance, or choosing a life insurance policy. Consider choosing term life insurance if: You only need life insurance for a specific period of time. You need a safety net to help protect your family. You want to cover debts that will be paid off in the coming decades. Consider choosing whole life insurance if: You're interested in using life insurance as a part of your investment strategy. You have expendable income. You want a policy that lasts your lifetime.