Whole life and term life are the two basic types of life insurance policies.
Whole life insurance provides lifetime protection and offers a death benefits; as well as, building cash value inside the policy over time.
Term life insurance is temporary life insurance with options lasting up to 30 years. Term life is pure protection providing a death benefit, but no cash value.
Whole life usually costs up to 5-10 times more for the same amount of life insurance compared to the cost of a term life insurance policy.
Learn more about whole life insurance vs term.