Term life insurance is different from whole life in that it is temporary coverage for a set number of years; whereas; whole life provides lifetime coverage.
In addition, term life is pure life insurance protection with no investment portion to the policy; whereas, whole life builds cash value inside the policy which is a type of investment your beneficiary may receive in addition to the death benefit of the policy.
However, in most instances term life costs a lot less than whole life insurance, which means you can usually afford more protection with term life insurance compared to whole life. Here's how you compare term insurance with whole life insurance and find out which may meet your life insurance needs, and fit your family's budget.