Term life insurance is generally much more affordable than whole life insurance. Term policies provide coverage for a specified period (e.g., 10, 20, or 30 years) and pay a death benefit if the insured passes away during that term. Since there’s no cash value accumulation and the policy expires after the term, premiums are lower. Whole life insurance, on the other hand, offers lifelong coverage and builds cash value over time, which can be borrowed against or used for other purposes. Because of the lifelong commitment and the added cash value feature, premiums for whole life insurance are significantly higher than those for term life policies. For example, a 30-year-old might pay $20 to $30 per month for a term life policy, while a whole life policy could cost $200 or more per month for the same coverage.