Term life is insurance that does not have any value as far as cash value is concerned. So you have ordinary lie versus term life. An individual can secure a bigger policy if they qualify and they can for a permanent policy when it comes to getting coverage but the caveat is is that at some point your term policy will and most cases most people do outlive term life. Permanent insurance is for your whole life and you could actually probably compare term life to a universal life policy and that would give you an affordable option for permanent life insurance but it still will be more than a term policy
A term policy is good for a certain length of time usually 10 or 20 years that the premium is set and will not change and the death benefit will not change. Once that period comes the policy will be annually renewable at higher premiums and or lower death benefits. These pay put less than 2% of the time.
Term Life insurance is for a limited time. It does not gain cash value meaning it does it can't be cashed in for funds. It is cheaper than purchasing a more permanent type of insurance.
Term life insurance is a contract providing financial protection for a set number of years (the "term"). You pay a regular fee (premium), and if you pass away during that period, the company pays a tax-free cash amount (death benefit) to the people you choose.
