Whole life insurance provides a death benefit and builds cash value inside your policy, from which you may take a loan.
Whole life lasts your entire lifetime, as long as you continue to pay your premiums.
However, whole life usually costs up to 5 to 10 times more than term life insurance, for the same amount of life insurance protection.
Term life insurance provides a death benefit, but does not build any cash value, it is Pure Protection.
Term life lasts for a specific period of time, usually 10, 15, 20, 25 or 30 years. You choose the duration of your term life policy.
If you do not die during the policy term, your coverage ends without any payout of death benefits.
Learn more about whole life vs term life coverage.