Does a policy purchased 20 years ago still meet you financial needs? If it does, when you compare the cost of a level term policy vs your whole life, I suspect that the whole life would win. However, if you needed significant additional insurance, I suspect that the cost of the level term would be cheaper than the cost of the whole life plus the additional insurance (presuming that you can get the best rate for a new policy). You can use some of the on-line life insurance quotes to compare.