Term insurance provides a basic death benefit. It has no residual or cash value. That is, if an insured dies while the policy is in force, the carrier will pay the death benefit to the beneficiary.
A Whole Life policy, in addition to providing the death benefit, has a cash value component which is money available to the policyholder while the insured is alive. This money can be used for any purpose.
Generally speaking, Whole Life policies will cost more than Term insurance initially, but will cost less over a lifetime.