What's The Difference Between Whole Life And Term Life Insurance? 
The primary difference between whole life insurance and term insurance is the length of time that the company will be obliged to pay a death claim . If you search for a mortality curve you will see that most people die when they are older . This means that if the company promises a death claim for a short period of time , they are unlikely to pay a death claim . This is term insurance . A whole life policy pays the death claim whenever it occurs and spreads the cost over the lifetime of the insured . 