Every person is unique, and the decision to buy a whole vs. a term policy should be guided by your specific situation in life and the things that matter to you, including such things as:
How old are you?
How good is your health?
What are your family’s financial needs?
What are the ages of your children?
Are you concerned about long-term health expenses and serious illness?
What is the amount of your mortgage and other debts?
What are your plans for retirement?
What college plans do you have for your children?
How will you pay for funeral expenses?
Are you concerned about estate planning and tax ramifications?
Are you setting up a trust as part of your will?
Do you want to leave part of your estate to charity?
Do you have existing life insurance, perhaps through your employer?
There will be a considerable cost difference between a term policy and a whole life policy at first but remember: whole life premiums stay the same over time, and term coverage becomes increasingly more expensive with every renewal. When you consider all the benefits that a whole policy can provide over the course of your life – and the certainty of an eventual payout – you may feel it’s a better overall value.