If you are in the market for a new life insurance policy then I highly recommend that you look for an affordable term life insurance policy over Whole life. The reason is because Term life is less expensive and also because you are only paying for pure insurance coverage and not putting part of your money into a type of savings account, like Whole life policies do. The savings account will actually build a cash value over time, but the thing is that you could probably get a better interest rate on your money elsewhere rather than investing into an insurance policy. That, plus the lower cost makes Term life my all around best recommendation.

Another reason that Term is the way to go these days is because you may not actually need a life insurance policy for the entire duration of your life. Think about this for a moment. Once you have your home paid off, your vehicles paid off, your kids put through college and basically all of your debts are paid, the only real reason that you would need a life insurance policy is if your spouse is still alive, other than that you can simply buy a burial policy and be good to go, unless of course you'd like to leave a nest egg for your children. My point here is that once all of your obligations are met that life insurance then becomes an option, not a necessity.

Anyway, the choice is up to you which way you decide to go, but personally, I highly recommend that you find yourself an affordable term life insurance policy and invest the rest of your money elsewhere.