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 coverage and duration. Term life insurance provides coverage for a specified period, such as 10, 20, or 30 years, and offers a death benefit if the insured passes away during that term. Whole life insurance, on the other hand, provides coverage for the insured's entire lifetime and includes a cash value component that grows over time. Term life insurance is generally more affordable initially, but the premiums increase when the term is renewed. Whole life insurance premiums remain level throughout the policy. Consider your needs, budget, and financial goals when deciding between these two options.