Term vs Whole Life: Which Is Right For You?

Term life covers you for a set number of years — typically 10, 20, or 30. Premiums are low, but the policy expires and has no cash value.

Whole life covers you for life, builds tax-deferred cash value, and has level premiums. It costs more but stays in force as long as premiums are paid.

The right choice depends on your goals: pure income replacement during working years (term) versus permanent protection and cash value (whole).