Is Whole Life Insurance Or Term Better? 
Term life insurance indemnifies temporary economic exposure . Depending upon the age of the insured , term life insurance can protect the beneficiaries of the insured up to 30 years . Term life insurance is the cheapest form of life insurance and should be purchased with a conversion provision to extend coverage if a financial liability either becomes ongoing or a new liability develops . Whole life insurance indemnifies permanent economic liabilities , but in comparison is an expensive approach to coverage . Generally speaking , guaranteed universal life insurance is a cheaper permanent solution . Bottom line term life insurance with a conversion provision is more than likely the affordable deal than whole life insurance . 