The best one for you depends on your goals. The biggest difference is that term life insurance covers you for a limited amount of time and is likely to be less expensive than whole life insurance. On the other hand, whole life insurance has lifelong coverage and gives you a lot more options that you can use throughout your life. Whole life builds cash value over time that you can use for anything.1 Plus, it can earn dividends (while not guaranteed, we've paid them every year since 1872) that can be taken as cash, used to pay premiums, or increase your coverage (and cash value). Find out more about the benefits of whole life Insurance.