The most common mistake we see is not choosing the wrong type. It is choosing too little of either. Before comparing products, size the need: income to replace, debts to clear, education to fund, final expenses.
When term is right
A 20- or 30-year term policy is the most efficient way to cover a temporary need: the years until the mortgage is paid and the children are independent. Premiums are fixed, and the coverage does exactly one job.
When permanent is right
Whole life and indexed universal life cover needs that never go away: estate liquidity, a legacy, a special-needs dependent, or a tax-advantaged place to build cash value. They cost more because they are designed to pay out.
Match the length of the policy to the length of the need.
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