Question

When might term insurance be a better option than whole life insurance?

Answer 1

Maybe never because Term insurance isn't always there when you need it. Also you can only get term at certain points in your life. Whereas whole life is always available.  

Answer 2

Term insurance can be a better product if your time horizon is 10 years or less. Term insurance works best because it is a low cost and low commitment program. Also, term insurance is better than whole life insurance especially at younger ages.