With term coverage you have the option to choose the policy length. For example, if you choose a 10 year term the coverage will expire after 10 years and you will need to get a new policy (and re-qualify in some cases). If you buy whole life insurance for parents, they are covered until death as long as premiums are paid. A basic rule of thumb is that term coverage tends to be for younger applicants and whole life coverage is for older applicants.