Term vs. Permanent Life Insurance
Term covers a window (10/20/30 yr) cheaply. Permanent (Whole Life, IUL, VUL) lasts forever and builds cash value — and is dramatically more expensive per dollar of death benefit.
Term
Pure death-benefit insurance for a fixed period. A healthy 35-year-old can typically buy $1M of 20-year term for $300–$500/yr. Designed to cover a temporary need: mortgage, kids at home, income replacement until retirement assets compound.
Permanent
Whole Life, Universal Life, Indexed UL (IUL), Variable UL (VUL). Lasts your whole life, builds cash value you can borrow against tax-free. Premium typically 8–15x term. Useful for permanent estate-tax exposure, business buy-sells, supplementing income in retirement, and special-needs planning.
How to choose
Most families need TERM for the temporary need. Permanent only makes sense when (a) the need is genuinely permanent, (b) you've maxed tax-favored alternatives, and (c) you'll keep the policy 15+ years. Otherwise the costs eat the math.
Educational only — not tax, legal, or investment advice. Talk through your specific situation with a qualified advisor.