Term life insurance is temporary coverage lasting up to 30 years.
You may be able to choose a policy duration (term) of 10, 15, 20, 25 or 30 years of term life protection.
Term life provides a death benefit if the insured person dies during the policy term.
If you outlive the duration of your coverage, there is no payout of benefits.
Whole life insurance lasts your entire lifetime, provides a death benefit, and builds some cash value inside the policy, over time.
Whole life insurance usually costs up to 5 to 10 times more for the same amount of life insurance, compared to pricing for term life insurance policies.
Learn more about term life insurance and whole life insurance.