While both life insurance policy models are useful in protecting you and your family, there are commonalities and differences that you'll need to factor in to make this decision.
Think of the difference between renting a property for a period of time and buying one. When you rent, you have the benefit of living in that property for the duration of your contract. If you buy a place, you have that property for the rest of your life. The choices between whole life and term insurance policies really offer something for everyone.
Term insurance – like ‘renting’ life cover for a period of time
Lifetime or Whole of life insurance – like ‘buying’ your life cover