Term, whole, and universal life — which type do I need?

Term life covers you for a defined period (typically 10, 20, or 30 years) at a fixed premium. If you die during the term, the death benefit is paid; if you outlive the term, coverage ends with no payout. Term is the cheapest form of life insurance and the right product for almost everyone whose primary need is income replacement during working years (mortgage, kids in school, partner depends on income). Whole life covers you for life and includes a guaranteed cash-value component that grows tax-deferred. Premiums are 5–10× higher than term but never increase. Universal life (UL) is permanent insurance with adjustable premiums and a market-linked or interest-credited cash value — more flexible than whole life but more complex. For most buyers under 60, term is the right answer; whole/UL is most useful for estate planning, business buy-sell agreements, or buyers who have maxed out other tax-advantaged savings.