Question by JON Z: Whats the difference between whole life insurance and term life insurance?

I am 55 in fair health.
Which would be better for me, term or whole life insurance?
Which is less expensive?

Best answer:

Answer by falsi fiable
Term life is ALWAYS better.
Whole life includes an investment component but the pricing conflates the distinction between the two products you are buying.

First question you should ask: Why are you buying life insurance…who are you trying to protect?
In other words, who needs income security in the event you die?

Know better? Leave your own answer in the comments!