Choosing the right type of life insurance policy is a major financial decision. Two of the most common types are term life and whole life insurance. Each comes with its own set of features, benefits, and drawbacks.

**Term Life Insurance**:
Term life provides coverage for a specific period—typically 10, 20, or 30 years. If you die within the term, your beneficiaries receive a death benefit. If you outlive the policy, the coverage ends and no benefit is paid.

Pros:
– Lower initial premiums.
– Simple and easy to understand.
– Ideal for temporary needs, like raising children or paying off a mortgage.

Cons:
– No cash value accumulation.
– Coverage ends when the term expires (unless renewed or converted).

**Whole Life Insurance**:
Whole life insurance, on the other hand, is a type of permanent insurance. It remains in effect for the policyholder’s entire life as long as premiums are paid. It also includes a cash value component that grows over time and can be borrowed against.

Pros:
– Lifelong coverage.
– Builds cash value over time.
– Fixed premiums and guaranteed death benefit.

Cons:
– Higher premiums.
– More complex structure.

The choice between the two depends on your financial goals and needs. If you’re seeking affordable, temporary coverage, term life is likely your best option. If you’re interested in a long-term policy with a savings component, whole life may be a better fit.