When Is Whole Life Insurance Better Than Term? 
I do n't think you can state whole life is actually better than term life insurance or term life insurance is better than whole life . It just depends on the need by you , the client . There are many different product options when it comes to life insurance . There is the right product for practically every situation . The true use of whole life is when there is a level premium need for life insurance your `` whole life '' hence the name . However , whole life insurance has become the Swiss Army knife of life insurance . The riders and cash value can be used for critical illness , terminal illness , children 's college funds to retirement benefits . There are now lots of uses for whole life insurance . Term life insurance is meant more to cover a need for a fixed amount of time . There are term limits that vary from annually to 5 years , 10 years , 15 years , 20 years , 25 years , 30 years and even 35 years . You may also set a premium on a universal life plan that does n't build cash value other than to level your premiums as far as age 151 years old . The main thing to consider which type of life insurance you need is to first identify your need for life insurance . A wise man once shared , you should buy life insurance like you will die tomorrow and invest like you will live forever . Find an experienced independent broker to help you identify your needs and shop the market for the best product at the best price for your unique situation . Good luck . 