If term premiums increase when I renew at 60, could a whole life policy serve as a safety net for me later? With 70% of seniors in debt, could guaranteed coverage assist my family with my final expenses?

I need life insurance for my parents, who are in their 40s. They don't have any health issues as of now. How can my parents decide whether the higher cost of whole life insurance is justified, especially when its cash value and lifelong coverage are balanced against cheaper term options with limited duration?