When Is Term Life Insurance Best? 
Over the long haul , term life insurance is more expensive than whole life or universal life . That is because , your premiums increase with age and there is no leveling effect to keep premiums lower as you get older . Look at indexed universal life and compare the overall lifetime cost to term life insurance . You might be surprised . But , if your needs are short term , term life insurance will be cheap but not necessarily the lowest overall cost . 