I don't want to borrow against my life insurance policy. I simply need the life insurance to take care of my son and me in the event my husband dies.
That is it. With the term life insurance I have to renew it when the term expires. The whole life insurers have some very good prices.
You could buy whole life insurance on your husband, but you will pay more for the policy than you would for term life insurance. And, since you say you don't want to borrow against the policy, you don't need whole life, unless you want life insurance coverage for more than 30 years.
Term life insurance may provide coverage for a period of 10, 15, 20, 25 or 30 years. Your son will be grown up and on his own within 30 years, and your need for the life insurance to provide financial security for his upbringing will have ended.
You could buy a 20, 25 or 30 year term life insurance policy, and then you don't have to be concerned with renewing the policy, if that's as long as you really have a need for the coverage.
Term life costs a lot less than whole life insurance, which means you can afford more life insurance protection for you and your son while he you need it most. Learn more about how term life insurance works.