What are the key differences between whole and term life insurance?

Term insurance is for a specified period of time; 1, 10, 20 or 30 years. After the term expires, the insurance is no longer in effect. It is only an insurance product and is the highest death benefit for the premium paid. As long as the premiums are paid, Whole Life (Permanent) insurance remains in effect for the entire life of the insured. Permanent insurance is a significantly higher premium than term insurance.