Term life is temporary coverage usually lasting for a duration of thirty years, or less.
Whereas, whole life insurance provides lifetime protection for your entire life.
Whole life usually costs up to 5-10 times more than the same amount of term life insurance because whole life is permanent, and it builds some cash value inside your policy over the years.
Whereas, term is temporary and only provides a death benefit if you die during your policy term. So, you may outlive your life insurance coverage with a term life policy.
However, term life is flexible, offering your protection lasting for a term of 10, 15, 20, 25, 30, 35 or 40 years.
Term is much more affordable if you only need coverage to last for 30 years or less.
Learn more about term life vs whole life insurance policies.