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Whole life insurance, also known as permanent life insurance, is a type of life insurance that provides coverage for the entirety of the policyholder's life. It typically includes a savings component, known as the cash value, which grows over time and can be accessed by the policyholder through loans or withdrawals.

Whole life insurance policies also typically have a fixed premium, which means that the policyholder pays the same premium amount each year, regardless of age or health status. These policies also accumulate cash value on a tax-deferred basis, which means that the policyholder doesn't pay taxes on the cash value until they withdraw it.

One of the main benefits of whole life insurance is that it can provide lifelong protection for the policyholder and their beneficiaries, and the cash value component can be used as a savings or investment vehicle. It also provide death benefit which is paid out to the beneficiaries in case of death of the policy holder.

However, whole life insurance policies can also be more expensive than other types of life insurance, such as term life insurance, and may not always be the best option depending on the policyholder's individual needs and goals.

Term insurance is a type of life insurance that provides coverage for a specific period of time, or "term." These policies typically have a lower premium than whole life insurance policies, and the death benefit is only paid out if the policyholder dies within the specified term.

One of the main benefits of term insurance is that it is generally less expensive than whole life insurance. This makes it a more affordable option for many people, especially those who are looking for a high level of coverage for a specific period of time, such as when they have young children or a mortgage.

Another benefit of term insurance is that it is flexible. Policyholder can choose the term and coverage amount that best meets their needs. It's also possible to convert a term insurance policy to a permanent life insurance policy, such as whole life insurance, at a later date, if the policyholder chooses to do so.

However, term insurance policies do not build cash value, and the policyholder must renew the policy at the end of the term or the coverage will expire. Additionally, the premium may increase as the policyholder gets older, and if the policyholder develops health issues, they may not be able to renew the policy or may have to pay a higher premium