“I am a big life insurance guy, but I am not a fan of the phrase “buy term and invest the difference.” Here’s why.
Generally speaking, permanent life insurance is designed to last for your lifetime. Often your premiums do not increase. These policies can also have cash value.
Term life insurance is designed to last for a temporary period. Generally speaking, the premiums go up over time, like the steps in a staircase. Initially the premium for a term insurance policy will be less expensive than a permanent life insurance policy of the same size, but over time term insurance can become more expensive than permanent insurance.”