If you need life insurance for your entire lifetime, no matter how long you live, then a whole life insurance plan may meet your needs.
If you need life insurance for 30 years or less, or you are on a budget and need the most life insurance for the lowest cost, then a term life insurance plan may be an option for you to consider.
Term life offers coverage for a period of 10, 15, 20, 25 or 30 years. It costs a lot less than whole life insurance because it is temporary and it does not build cash value - it's pure life insurance protection.
Keep in mind, some term life policies offer you the option of converting your term life insurance into a whole (permanent) life insurance policy by a specific date in the future. So, if you find you need lifetime protection you may still be able to get it with a term life plan by converting your policy into whole life coverage.
Here's how you can compare whole versus term life insurance for a better understanding of how each type of life insurance policy works.