Cost and longevity are the factors between term and full life insurance that sets them apart. When compared to whole life insurance, term life is less expensive. If you pass away during the term coverage, it pays out and covers you for a specific amount of time. 

Whole life insurance is a more complicated and expensive plan because it normally covers you for the rest of your life and includes a savings and investments feature called "cash value or "fund value".

Your loved ones can use the insurance payout, known as the death benefit, from either insurance to cover a range of expenses, including funeral fees, mortgage payments, college tuition, recovery fund, and more. However, one kind of life insurance can be a better fit than the other based on your coverage requirements.

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