Whole life insurance provides lifetime protection, builds cash value inside your policy from which you may take a loan, and pays out a death benefit upon the death of the insured.
Also, whole life usually costs up to 5 to 10 times more than the same amount of term life insurance.
Term life offers temporary life insurance protection lasting up to 30 years.
The "Term" is the duration of how long your life insurance policy lasts.
You may choose a Policy Term of 10, 15, 20, 25 or 30 years, depending on your age.
If you pass away during the policy term, the death benefit is paid out to your beneficiary. If you outlive the policy term, there is no payout of any benefits, and your coverage ends.
That's why term life insurance is so much cheaper than whole life insurance.
Learn more about whole life vs term insurance policies.