The main difference is that term life insurance provides coverage for a specific term or period of time, while whole life insurance provides lifelong coverage (with some limitations).
Term life insurance policies have a fixed premium and a fixed death benefit, and if you pass away during the term of the policy, your beneficiary receives the death benefit. If you outlive the term of the policy, the coverage ends, and you do not receive any payment under the policy.
Whole life insurance policies offer a fixed premium, fixed death benefit, and a guaranteed cash value, and they typically do not expire as long as you pay the required premiums. Additionally, whole life insurance policies may provide the potential for dividend payments or participation in the insurance company’s investment portfolio.
It's important to carefully consider the features and limitations of both types of life insurance policies before making a decision.
Read more about the differences between term and whole life insurance.