What is the difference between term and whole life insurance?

Term life insurance provides coverage for a set period (10, 20, or 30 years) and pays a death benefit only if you die during that term. It is simple, inexpensive, and best for most people. Whole life insurance covers you permanently and builds cash value over time, but costs 5–15x more for the same death benefit. Most financial planners recommend term life for the majority of families.