What is the difference between term insurance and permanent (or whole) life insurance?

There are a variety of life insurance products available but there are two main types:permanent or whole life insurance and term insurance.term life insurance is life insurance that expires after a particular term. you can renewyour life insurance after the term expires, but the cost will be higher since you are olderat the time you wish to renew.permanent (also known as whole life) insurance is life insurance designed to be inplace for your entire life span. premiums are usually higher at the start than terminsurance, but toward the end of your life, the premiums tend to be lower than terminsurance.