This depends entirely on the situation of the policy holder. Term life insurance is the cheaper option, but does not provide the savings aspects of a whole life policy. It should also be considered whether it makes sense to purchase a term life insurance policy along with a separate investment product that can provide short term financial help should the need arise.

More often than not, a term life insurance policy is the better option. For example, see this article: Why Suze Orman Recommends Term Life Insurance Over Whole Life