Who Should Buy Whole Life Insurance Policy? 
People who need permanent protection generally should buy Whole Life or guaranteed no-lapse Universal Life Insurance . Why ? Because Term insurance can not be counted on to be in force at the time of death . Term life insurance is often convertible to permanent insurance , but the conversion price is based on the age at the time of conversion . This can make converting unaffordable to people who may be living on retirement income at the time they want to convert their Term to Permanent insurance . It is usually less expensive to start out with a permanent policy for permanent needs , while the price is based on your younger age and better health . 