Is term life insurance cheaper than whole life insurance?

Key details about term life insurance

Whole life costs more because it is designed to last your entire life — so it pays a death benefit whenever death occurs as long as it stays in force — and includes a savings-like cash value component that the insurer must fund and manage.

The tradeoff is that term coverage eventually ends, while whole life coverage is permanent — so the better choice depends on whether you need protection for a limited time or for life.