The short answer is Universal Life.
Whole life is much more expensive than universal life (UL), so unless your wealthy or under 40, universal life generally makes more sense. To get the quality elements of whole life, considering adding a few whole life features to a regular UL.
Increasing face amount
Endow at age 100
guaranteed to age 121
guaranteed cash value
For universal life coverage ask your agent or broker to quote:
- Solve $1 at age 100, level face amount
- Solve to endow at age 100, level face amount
- Solve $1 at age 100, increasing face amount
- Solive to endow at age 100, increasing face amount
- guaranteed to age 121
- guaranteed to age 121, guaranteed cash value
You can have your agent email you illustrations showing each possibility with a chart projecting values by year.
What’s best for you will depend on how much premium you wish to spend and cash value you wish to build.