Myth: Term is the least expensive type of insurance.
Reality: Initially, term insurance premiums may be cheaper. However, term premiums can and do rise with age. Whole life is generally steady and does not change. Also, in most cases, the insurance company will never pay out because you will most likely outlive the term and the policy will expire. This means that you may be putting money into a policy with nothing in return. This does not mean term insurance is the lesser option because this type suits many people well. This is just to say that it is not always more affordable, especially over time.