What Is Whole Life Insurance Versus Term Life? 
There are several difference between Whole Life and Term Life Insurance . Put very simply , here are some : 1 -RRB- Term life insurance lasts for a `` term '' ; Whole life lasts for one 's `` whole life '' . These both depend on payments to last that long . 2 -RRB- Term life insurance does not have cash value ; Whole life insurance has cash value . Again , how the policy and payments are set up will determine the amount of cash value . 3 -RRB- Term life insurance only protects against death ; Whole life has options to use the policy while alive . There are some Term policies that now offer `` living options '' , as well ; however , Whole Life offers even more options than those . 