It depends on your circumstances, what you’re trying to achieve by buying cover, and what you can afford to spend. Term life insurance is an affordable way to protect yourself for a set period of time; it’s suitable if you know your financial liabilities will reduce or disappear over time. Whole life insurance is more expensive, but means you’ll always be insured; it’s suitable if you know you’ll always have financial liabilities or you always want to leave a lump sum to your family, regardless of their needs.