Term rents you coverage for a set window of years. Whole life is coverage you own for good. Answer five questions and I'll tell you which one probably fits you and why.
Five questions. About two minutes.
Both pay your family if you die. The difference is how long the coverage lasts and what it costs.
Covers you for a set window, usually 10, 20, or 30 years. If you die during that window, your family gets paid. Lower monthly cost, more coverage for the dollar. Best when you have a specific window to protect, like a mortgage or the years your income holds everything together.
Most term policies end without cash value if you outlive the term, though some products offer conversion, renewal, or return-of-premium features.
Covers you for your entire life. The premium is fixed and doesn't go up, and the coverage doesn't expire. Part of what you pay builds cash value you can access while you're alive. It costs more than term for the same face amount.
Best when you need permanent coverage your family can count on, as long as required premiums are paid and the policy remains in force.
A condition that develops midway through a 20-year term can make new coverage expensive, or impossible, when the term runs out. Some term policies include a conversion option. An eligible conversion may allow you to convert without new medical underwriting. Conversion deadlines, the permanent products available, coverage limits, and premiums based on your attained age are all governed by the original policy. Not every policy offers it, so I flag which ones do before you ask.
Answer these and I'll give you a directional starting point, so the real conversation has somewhere to begin.
Question 1 of 5
How old are you?
Question 2 of 5
Are you trying to protect something specific for a set number of years?
Question 3 of 5
Has your health changed recently, or have you been declined for life insurance before?
Question 4 of 5
What matters more to you right now?
Question 5 of 5
Who depends on your income right now?
This tool gives a directional answer based on your responses. It's not a quote or a binding recommendation. Your actual situation may have nuances that change the picture, that's what the call is for.
You probably heard this from Dave Ramsey, a coworker, or a Reddit thread. That advice isn't wrong. It's incomplete.
Term is cheaper, and the premium difference can be invested.
If you're young, healthy, and disciplined with money, term often makes more sense.
The math works in term's favor when you actually invest the difference consistently.
It assumes you'll actually invest the difference. Most people don't.
It assumes your health won't change before the term ends. It often does.
For people with significant health issues, qualifying for term may be harder. Some permanent products, like guaranteed issue or simplified underwriting policies, may still be available. That's a conversation, not an assumption.
I sell both term and whole life. I'm here to help you figure out which one fits your actual life right now.
A year after my husband passed, I needed to move, and the insurance money helped with everything that comes with starting over somewhere new.
A widow
Real experiences shared by widows in a public conversation about life insurance. Identifying details changed to protect privacy.
A term policy you can afford beats a whole life that lapses in six months. A small whole life beats a term that runs out before you need it. The best coverage is the one that's there when your family needs it.
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Keith Spencer · Licensed independent agent, NPN 21442482Fill this out and I'll reach out. On the call I'll ask a few questions, figure out what fits, and show you real numbers for both options.
You'd be working with me directly, Keith. If the coverage you have already fits, I'll say so. The FAQ has the big questions.
I read every message and reply within one business day. Still deciding? The free scorecard is a good next step while you think.