Find & compare doctors, hospitals, & other providers. Hospitals, nursing homes, home health agencies, medical item suppliers, health care providers, health and drug plans, dialysis facilities. What Part A & Part B doesn't cover. Learn about what items and services Medicare Part A and Part B doesn't cover.
The easiest way to remember the difference is to think of term as temporary insurance and whole life as permanent insurance which remains in force until the day you die, or until you are 120 years of age, whichever comes first.
1. Term insurance: cheap until you get older. Life insurance is generally defined as either term or permanent, and there are several flavors of the latter, including universal, whole life and variable life. It's important to understand the basics of each type of product as well as their advantages and disadvantages.