Final answer:
The main advantage of purchasing term life insurance over whole life insurance is that it offers a lower initial premium for coverage. Term life insurance is designed to provide a death benefit during a specific period, without the savings component of whole life policies.
Step-by-step explanation:
An advantage of purchasing term life insurance would be that the initial premium is lower compared to an equivalent amount of whole life coverage. While cash-value (whole) life insurance has both a death benefit and a cash value, which can be borrowed against, term life insurance is more affordable in terms of the payments required to maintain coverage.
Term life insurance is considered temporary insurance that provides coverage for a specific period. It's designed purely to offer a death benefit if the insured passes away during the term. Unlike whole life insurance, it does not have any cash value or nonforfeiture values, nor is the coverage permanent.