As whole life insurance policy covers the risk of death for complete life, the same is expensive and shall attract higher premium to be paid by the insured. This is mainly because the risk factor is more and one may be paid after one dies for whatever years. The duration is not fixed but shall give security to the family for life.

This is why insurance for whole life is costly. On the other hand, term life insurance is given for a specific period which shall be valid only till the years or the tenure is taken. Once the tenure is over, the insurance shall be invalid.

This is cheaper than the other because insured is covered only for few years and after that the complete premium paid shall be with the insurance company.

One should select the best life insurance and choose the one which suits the need.