What Is Term Life And Whole Life Insurance? 
An insurance company computes a rate for one year of coverage for every age . Term insurance provides coverage for a specific range of years . The premium is roughly equivalent to the average of the yearly premiums that I mentioned . A whole life policy is different in that it takes every remaining age and provides coverage for every remaining year . The premium is higher than a shorter term policy but the death benefit will be paid unless the policy is surrendered or lapses . 