One of the problems is that there are several "permanent" insurance types that all get branded as "whole life. Universal Life, and Variable Universal Life should be illegal and banned by the IIC. Those are purely scams and benefit no one but the insurance company because the insured is taking all the risk. Traditional Whole life through a mutually owned insurance company can be a very powerful investment tool though. If one is looking at purely the amount of dollars at the end of 20-30 years, then yes, buying term and investing the difference is the way to go.
However, having a permanent death benefit in place is extremely powerful in the overall scheme of a financial plan. It allows someone to go single life with their pension or annuity and get much more money than they would going joint life. It allows them to spend their own assets more freely, and it does away with the need for long term care insurance since they then have that death benefit to replace their assets.
I agree with a lot of what many people have said already-There is no broad brush that can't paint everyone as "term" or "whole," and anyone who says otherwise is a fool.
Life Insurance isn't about needs. Technically, no one needs insurance, especially after the kids are out of the house, but when someone sees the power of having a permanent death benefit, You can see how they would want it.
Exaggeration is a BILLION times worse than understating.
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