The main difference between term and whole life insurance lies in their duration and coverage structure. Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years, and pays a death benefit if the insured passes away during the term. It is generally more affordable but does not accumulate cash value. Whole life insurance, on the other hand, offers lifelong coverage and includes an investment component that builds cash value over time, which the policyholder can borrow against or withdraw. Whole life premiums are typically higher than term life premiums due to the added investment feature. While term life is suitable for those seeking affordable, temporary protection, whole life provides permanent coverage and serves as both insurance and a long-term savings tool.