Term life offers you a choice of coverage for a "term" (duration) of 5, 10, 15, 20, 25, or 30 years - the longer your term, the higher your annual cost of life insurance.
Permanent life insurance has much higher premiums but your policy may build cash value from which you may take a loan if needed.
So, if you need life insurance for a period of 30 years or less to protect your family or mortgage, then a term life insurance costs less.
But, if you need life insurance that is guaranteed to last your entire lifetime, permanent life insurance is an option to consider.
Learn more about the different types of life insurance