If you have a temporary need, term insurance should be considered for that temporary need. If the need for insurance is only going to last for ten years, then ten year term insurance could be in your best interests.
If you have a permanent need, such as saving for retirement, then permanent insurance could be in your best interests.
Price is often a chief consideration. If price is the only consideration, then term is probably your choice.
Today you can certainly find a home at a rental price that is lower than a purchase price. You determine if you want the lower going-in rental price, or if you want the higher going-in mortgage price.
Term insurance has a much lower going-in price. Permanent insurance has a much higher going-in price.
Determine if you want to rent your home, or if you want to own your home. Determine if you want to rent your insurance, or if you want to own your insurance.
One major advantage of owning a permanent life insurance policy is that it can be in force when you die. However, term insurance terminates; the term policy may expire before you expire.
Another major consideration is that a permanent insurance policy can be in force when you live. Should you live to your chosen retirement age, you can ask the insurance carrier to provide you with an annuity. You cannot outlive a lifetime annuity. The money can be paid to you month after month after month. Forever. As long as you are alive, your income is guaranteed. No question.
Here is an exploration to demonstrate some differences between term and permanent insurance.
Do you want to own your own home, or do you want to rent from someone?
If you wish to rent a home for the next 30 years, you can have a stack of 360 rent receipts. If you wish to own your property, you might have a home that is paid in full (with only taxes and insurance being paid to maintain your home).
If you rent or if you have term insurance, in a few decades you can be without a roof over your head; you can be without coverage. In 31 years your rental home could be demolished to make way for a business office building; you will be without a home. In 31 years your 30 year term insurance policy have expired; you could be without insurance coverage.
Term terminates.
After your rental period ends, you can find another rental at a fair price. It may be a much higher price. After your term insurance coverage ends, you can find another policy at a fair price. It may be a much higher price.
We make decisions in life. We earn the consequences.