Term vs. Whole Life Insurance: Complete Comparison

Term life insurance provides coverage for a fixed period (10, 20, or 30 years) and pays a death benefit if you die during that term. It's pure insurance — no cash value.

Whole life insurance provides permanent coverage and builds cash value over time. Term is 5–15x cheaper than whole life for the same death benefit.

For most families, term life insurance is the right choice — buy enough term coverage to protect your family through their most vulnerable years (while children are young, mortgage is large) and invest the premium difference. Whole life makes sense in specific estate planning situations..