Term life insurance provides coverage for a specific period of time, such as 10, 20, or 30 years. If the policyholder dies during the term of the policy, the policy pays out a death benefit to the policy's beneficiaries.

Whole life insurance provides coverage for the policyholder's entire life, as long as the premiums are paid.

Term life insurance premiums are typically lower than those for whole life insurance, because the coverage period is limited.

Whole life insurance premiums are typically higher, because the coverage period is the policyholder's entire life and the policy has a cash value component.

Whole life insurance Has a cash value component that accumulates over time and can be accessed by the policyholder while they are alive. The cash value is invested by the insurance company, and the policyholder can typically a

ccess it through policy loans or withdrawals.

Term life insurance Does not have a cash value component.

Term life insurance The death benefit of a term policy is only paid out if the policyholder dies during the term of the policy.

Whole life insurance The death benefit is guaranteed, and will be paid out whenever the policyholder dies, as long as the premiums are paid.

Whole life insurance typically offers more flexibility than term life insurance, with the ability to adjust the premiums and death benefit to meet the policyholder's changing needs.

Term life insurance is generally less flexible, with fixed premiums and a limited coverage period.