Your personal situation and financial needs are key to answering this. Term life offers you the ability to choose your length of coverage, usually 10, 15, 20 or 30 years — and affordability since temporary coverage for a limited period of time is less expensive than permanent coverage over your entire life. Whole life offers you permanent coverage and a cash value accumulation against which you can borrow money. With these features, whole life premiums are typically higher than term life for the same amount of coverage. Considering your family’s financial needs along with your age, health, current budget and future expenses will help determine which type of insurance is the better option for you.