The Core Difference
All three types pay a death benefit. The key differences are how long they last, what they cost, and whether they build wealth while you are alive.
Side-by-Side Comparison
Term LifeFixed 10–30 yearsLowest costNo cash valueBest for young families and mortgages
Whole LifeLifetime coverageHighest costFixed cash-value growthBest for estate planning
IULLifetime coverageModerate costIndex-linked cash value with a floorBest for wealth building and retirement
When to Choose Term Life
Choose term life when you need maximum coverage at the lowest cost, especially while children are dependent and your mortgage is at its highest.
When to Choose Whole Life
Whole life is best for guaranteed lifetime coverage, final expenses, estate equalization, and leaving a certain inheritance.
When to Choose IUL
Indexed Universal Life can build tax-advantaged wealth while maintaining a death benefit. It can suit business owners, high-income earners, and long-term retirement goals.