Is Term Life Insurance Cheaper Than Whole Life Insurance? 
Yes , typically from a premium stand point term life is much cheaper than whole life . The reason is term life insurance has a shelf life or expiration date . You are essentially `` renting '' the coverage . The premium is guaranteed level for a certain period of time such as 10-20-30 years and then it will either expire or have steep premium increases . Whole life premiums are plans designed to be level for your whole life . You will see whole life plans guaranteed to ages 90-95-105-121-150 . Naturally to insure that type of guarantee the premiums will be much more expensive than term life rates . Also , whole life insurance has a value add of cash value that accumulates that can be used for things like retirement , college funds or an unexpected critical illness . Term life is just a death benefit . 