Which is better for me
term life insurance or whole life insurance?

Term insurance is life insurance that provides a death benefit and has a set period. Typically, this period is 5, 10,15, 20. or sometimes even 30 years. It is used to financially protect its beneficiaries during a vulnerable time. For example, life insurance is often used to provide a large supplemental income to a family after the loss of a breadwinner during the critical time of raising children. In business, the loss of a partner or key employee can also be financially devastating. Consequently, many business owners use term life insurance revenue to pay bills, pay off loans, or advance the business after the loss of a key person.

Whole life insurance ( also called permanent insurance) provides a death benefit and an investment savings element. This investment savings is called the "cash value". Term insurance costs much less than whole life insurance because there is no investment element. Your premuim with term insurance covers only the cost of insurance.