What is the difference between term life insurance and whole life insurance?

Term life insurance and whole life insurance are two different types of life insurance policies. The main difference lies in their durations and benefits. Term life insurance provides coverage for a specific term, usually 10, 20, or 30 years, while whole life insurance provides coverage for the insured's entire lifetime. Term life insurance offers a death benefit if the insured passes away during the policy term, making it affordable and straightforward. On the other hand, whole life insurance combines a death benefit with an investment component, accumulating cash value over time that can be accessed or used for loans. Whole life insurance premiums are higher, but they offer guaranteed coverage for life and potential cash value accumulation. Ultimately, the choice between term and whole life insurance depends on individual needs, budget, and long-term financial goals.