Which Is Cheaper Term Or Whole Life Insurance? 
Comparing term and whole life on cost depends on the time period of measurement . At most ages , the first year term premium for a newly issued , underwritten policy is going to be less than the same for a whole life policy . But it is n't a good comparison . Term is what you buy for temporary needs where the coverage need is know up front . Whole life is priced for a premium that will be level to age 100 and beyond and provide coverage that you can not outlive . It starts out higher but ends up being less than premiums for term later in life . Whole life for lifetime needs will always cost less than the term costs for lifetime . 