Actually, there are several key differences between the two basic types of life insurance - Term and Whole.
Term life insurance offers much lower rates which means you can afford a lot more life insurance protection. It doesn't build any cash value, it is "pure protection", not an investment. And, it's easy to understand - you select life insurance for a specific period of time, from 10 to 30 years. You life insurance lasts for the length of term you choose.
Whole life insurance costs a lot more because it provides guaranteed lifetime protection as long as you pay your premiums on time. It may build up some cash value inside your policy over time, from which you may talk a loan.
You'l want to consider how long you need life insurance protection, how much coverage you need, and your budget, as well as, what you want your life insurance to accomplish in order to decide which type may be right for you.
Remember, you can buy more than one life insurance policy, so if you need both, that's alright. Learn more about term and whole life policies.