Term Vs Whole Life

Term life is pure insurance for a fixed period, and it is often the simplest fit when dependents need income replacement for 20 or 30 years.

Permanent life policies, including whole life, combine insurance with cash value and usually cost much more for the same death benefit. They are often oversold, and commissions can create conflicts. Still, edge cases exist: estate planning, lifelong dependents, business needs, or people who have already maxed other tax-advantaged options. Compare costs, surrender rules, guarantees, and alternatives with a fiduciary or licensed professional before buying.