Co-Founder, Coastal Financial Partners Group, California
Neither is better, just different products for different needs. Term is for temporary needs and permanent is for lifelong needs.
The premium you pay for permanent life insurance (whole life, universal life, etc.) builds cash values which can ensure coverage cannot be outlived like term insurance which almost always expires before you do.
Regional Marketing Director, Capital Choice Financial Group,
Term insurance is the best for most people because it provides the opportunity to purchase the most coverage for the least premium dollar and frees up more savings dollars or money to pay down debt. In the early years a family needs more protection while their debts are the highest, they have a mortgage, the kids are at home, and loss of income would be devastating. This is where the most life insurance coverage is needed for protection as the cash estate is growing. However, in the later years, when debts are lower or eliminated, the home mortgage is nearly gone, and the children are out of the home, less life insurance is needed and more retirement income is needed. Term insurance is the only type of insurance that will protect with the right amount of coverage without reducing the amount of money to invest. There is no mathematical reason to have cash value life insurance of any type.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Which is better whole life or term? Depends on what you want your coverage to provide you. Both are functional practical products that serve people very well. The trick is to figure out which is best for your situation and diminish outside noise about what you "should" have done. The choice is personal and opinions will always vary. I chose whole life and have been very happy with it and it's performance, as I understand RISK and what my tolerances for it are.
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The premium you pay for permanent life insurance (whole life, universal life, etc.) builds cash values which can ensure coverage cannot be outlived like term insurance which almost always expires before you do.