Term is more affordable.
Whole life is better, but costs a whole lot more.
One thing I learnt from experience: despite what the agent tells you, the premium will need to paid way beyond the 5-6 years they claim it will need to be paid. Figure on paying the quoted premium for at least 20 years. (no, not a type-o.. twenty years)
Premiums (and the number of years till “paid up in full”) are based on projections and projected interest rates, which will fluxuate over the years.
Still, if you can afford to pay the premiums, whole life is a good thing, as term will end when you hit a certain age, whereas whole ilfe will still be in effect when you’re nearing the end.
But regardless, plan on getting term to really cover your insurance needs. Unless you are extremely rich, its doubtful you can afford enough whole life (and keep making payments) to cover your needs.
Prices will depend on your age / health, but under normal circumstances, you can get a $1 mil term policy for under $1,000.