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Term life insurance is cheaper but does not build up value. Whole life insurance is more expensive, but builds up value.For most people it is best to buy term life insurance. Life insurance plans that builds up a cash value like whole life, universal life, et cetera are rarely the best choice. If you look at financial sites not run by insurance companies, they are almost unanimous in recommending term life insurance.

Look at big name sites like Yahoo,CNN, Motley Fool and Kiplinger’s, and they all recommend term life insurance for most people.

However, you will find many websites out there that promote whole life insurance and disparage term life insurance. They are almost all run be insurance companies. Insurance companies make more money from these policies and it is in their interest to push them.

Whole life has the advantage of having a built-in savings program, but you lose a lot of money to high commissions. It is usually better to buy term life insurance and invest the money you save in an IRA, 401K, or mutual fund.

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