What Life Insurance Is Better Term Or Whole? 
It depends on your need . Term insurance is designed for temporary needs . To cover a mortgage or debts or provide a young family maximum protection while their family is growing . Whole life is designed to cover permanent needs such as final expenses and estate protection . While whole life is has a higher monthly premium , in the long run it is actually less expensive than whole life . Premiums for term insurance go up with each term period and there is no equity build up so it is pure cost . Whole life develops equity in the form of cash vale . The premiums are designed never to go up no matter how old a person is and the death benefit will be available when most people need it , in old age . When you subtract the cash value from the total premiums paid you get the true cost of the whole life , which in later years will be far less than the cost of term insurance . 