The answer to that question will always be what you feel is best for you.
Here are some questions you can ask yourself to help you decide:
Term Life Definition:
Life insurance that pays a benefit in the event of the death of the insured during a specified term.
Usually the least expensive type of insurance policy because your premiums aren't used to grow cash value.
Benefits are only given to you or your beneficiaries during the length of the term period. If you out live the term period (5, 10, 15 20 years or more) then the benefit no longer applies.
However you can receive all of your money back that went into premium payments if you chose to have a Return of Premium (ROP) rider.
Younger adults usually purchase term life because:
Whole Life Definition:
Life insurance that pays a benefit on the death of the insured and also accumulates a cash value.
Whole life insurance is usually the preferred choice because people want their premiums to grow cash value that they can use for future life emergencies or just to have on hand.
Because whole life policies grow cash value the premiums are more expensive than term life premiums.
Most experts will tell you a whole life policy is a great option if you don't do anything else to receive extra cash flow throughout your life.
Savings rates have never been lower and if you don't have an extra source of income, such as a side business or cash flow from investments then a whole life policy is a good way to earn cash value from your premiums as well as having a substantial cash accident or death benefit.
When I see a person or a couple interested in life insurance information, I ask them: Why do they think they may need life insurance?
The typical answer is 'I want my wife (husband or children) to be financially protected in case I am no longer around or I can't work.'