Term vs Whole Life Insurance: What’s Best for Your Family?

Life insurance is crucial for families, but choosing between term and whole life can be confusing. Term Life covers a specific period with lower premiums and no cash value. Whole Life provides lifetime coverage with cash value but costs 5-15x more. For most families, term life is the smart choice due to affordability and flexibility. A $500K 20-year term policy might cost $30/month vs $300/month for whole life. General rule: Get 10-12x your annual income in coverage, and both spouses should have policies. Don’t let salespeople convince you term is “throwing money away”—the goal is protection, not investment.