What Is Whole Life Insurance Versus Term Life? 
I am going to keep this simple . Let 's start with Term Life . Term Life Insurance covers you for the term you selected . The common term periods are 10-15-20-30 years . The premiums are usually guaranteed for the entire period of time . If you find a company that does not provide this guarantee , then I would shop around . Talk to your agent . After the term , the policy goes into what is referred to as annual renewable which can give you continued coverage however the rates are no longer guaranteed . Whole Life Insurance is permanent insurance designed to provide death benefit coverage until you die , your entire life , whether that is tomorrow or at age 105 . Not all companies are the same so be sure to do some homework . Whole Life Insurance is the oldest type of Life Insurance available and is usually the most expensive . Whole Life guarantees the premium you pay as well as the cash value you will have at a given time . Whole Life -LRB- WL -RRB- , a true WL policy pays dividends which can go back into the policy for more death benefit & cash value are pay you direct . There are usually several add-on 's or riders you can add to the policy to increase your coverage , add a child or spouse and on . Depending on what you are trying to achieve with the Life Insurance , both Term Life & Whole Life may be the answer . I would recommend talking to your agent/broker to help you decide how each of these will fit . 