Term life insurance and whole life insurance differ primarily in coverage duration, cost, and features:

• Coverage Duration : Term life insurance provides coverage for a specific period, typically 10 to 30 years. If you die during this term, your beneficiary receives the death benefit. If you outlive the term, the policy expires with no payout. Whole life insurance provides lifelong coverage as long as premiums are paid, guaranteeing a death benefit whenever you pass away

• Cost : Term life insurance usually has lower premiums because it covers a limited time and has no cash value component. Whole life insurance is significantly more expensive due to lifelong coverage and its investment features

• Cash Value : Term life insurance does not accumulate cash value; it only pays out upon death during the term. Whole life insurance includes a cash value savings component that grows at a guaranteed rate over time. You can borrow against or withdraw from this cash value, though doing so may reduce the death benefit

• Complexity : Term life insurance is simpler with fixed premiums and death benefits. Whole life insurance is more complex because the death benefit can be affected by loans against the cash value, and some policies pay dividends based on company performance

• Use Cases : Term life is ideal for temporary needs like covering a mortgage or supporting children until adulthood. Whole life is suited for those wanting lifelong protection and a savings/investment component within their policy

In summary, term life insurance is a cost-effective choice for temporary coverage, while whole life insurance offers permanent coverage with a cash value feature but at a higher cost and complexity. Your choice depends on your financial goals, budget, and coverage needs