For the majority of insurance needs (income replacement during working years, mortgage payoff, child-rearing years, business loan protection), term life is the right answer. Term is dramatically cheaper than whole life for the same death benefit during the years you actually need coverage. Whole life makes sense in specific situations: permanent estate planning needs, buy-sell agreements that have no expiration, irrevocable life insurance trusts (ILITs) for high-net-worth estate planning, and clients who specifically want to build tax-advantaged cash value as part of their broader financial plan. A useful middle-ground product is Guaranteed Universal Life (GUL) — permanent coverage at near-term pricing if permanent coverage is what you actually need. We model both options when it’s a close call.