The debate over whole versus term life insurance is too complex — and the debaters on both sides too passionate for many different reasons.

For most people the answer to whether they should buy whole-life policies is relatively simple.

The key in life insurance coverage is making sure you have enough and because whole-life policies are so much more expensive than term, you can easily wind up paying a lot for coverage you don't need or not enough coverage.

Whole-life policies are more costly because they have an investment component that term insurance lacks. This investment component is what builds cash value in the policy — value that you can tap through loans or that will be returned to you if the policy lapses.

Whole-life coverage is also designed to be permanent insurance that you carry through your life, whereas term insurance is designed to provide protection for a specific periods of time; most typically 10, 20 or 30 years.

So how do you know if you have enough coverage? There are really no effective rules of thumb — it all depends on your individual financial situation and what you want to provide your family. Contact your insurance advisor to help determine what you personally need. If you discover you don't have enough coverage, you'll have to decide whether you want to get more whole life or opt for additional term insurance. If you like the idea of permanent insurance and can afford the additional premiums, you can buy more whole-life coverage.