What's the difference between term and whole life insurance?

Key details about life insurance

Whole life insurance covers you for your entire life as long as premiums are paid, usually with a level premium designed not to increase and a cash value component with guaranteed growth that builds slowly over time on a tax-deferred basis.

Term is often chosen for temporary needs like a 20-year mortgage or raising kids, while whole life is chosen when the goal is permanent coverage, such as leaving an inheritance or covering final expenses.