Which Is Cheaper Term Or Whole Life Insurance? 
Depending on your age , guaranteed level term life insurance can be purchased up to 5 to 30 , sometimes even 40 years . If you purchase a term contract with a conversion clause , you have the option to extend term coverage to permanent coverage within the window of convertibility . Strictly on the basis of your question this is the economic way to go . However , if you have permanent financial liabilities and your beneficiaries would suffer economic loss at your demise , then you should purchase guaranteed universal life . 