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, with a level premium that never increases and a cash value component that grows 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, guaranteed coverage, such as leaving an inheritance or covering final expenses.