by 
The Curious Bag
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<h4 class="dechead">On One Hand: Term Best in Most Cases
Term life insurance is the best choice for the average person. According to the website of SmartMoney magazine, term life insurance, which pays a death benefit if the policyholder dies within the fixed period of the policy, has much lower premiums than whole life insurance and is perfectly adequate for most people.
On the Other: Whole Life Better for Wealthy
Whole life, which has an investment component in addition to paying a death benefit, may be a good choice for the wealthy as it provides certain tax advantages for those leaving behind large estates. Also, the investment portion of a whole life policy commits the policyholder to a "forced savings" program that is beneficial for those without the discipline to save and invest on their own.
Bottom Line
Most experts agree that for the typical person who will not be leaving a large estate, term life is best. According to the Federal Trade Commission, buying term life insurance is one of the best ways for an individual to save money.
Source:
SmartMoney.com : Term or Whole LIfe
Federal Trade Commission: 66 Ways to Save Money
MSN.Money: Term or Permanent Insurance
Resource:
Federal Citizen Information Center: What You Should Know A Buying Life Insurance
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