I am assuming you mean Whole Life Insurance. Term insurance is life insurance. Term insurance is pure insurance. There is no cash value and it is in force for a limited amount of time, the term of the policy. A one year term must be renewed after one year, five year term after five years and so on. Each term period renewal the premium will go up based on the persons age at renewal. Eventually term insurance becomes unaffordable.
Whole Life is designed to be in force until you die. The premiums never go up because they are averaged out over a persons expected lifetime. As a result, initially the premium is higher than term insurance. The excess premium is invested and a cash value fund is built into the policy. Whole life is designed for permanent needs. Term insurance for temporary needs.
Assuming you mean term life insurance versus permanent life insurance there is no quantitative value comparing each to each other. Purchasing term life insurance and permanent life insurance are product suitability issues based on the financial plan of the life insurance prospect. Term life insurance covers temporary liabilities and permanent life insurance covers perpetual liabilities of the policy insured.
Term life insurance can be purchased in increments of 5, 10, 15, 20 and 30 years with guaranteed level premiums. Guaranteed universal life or participating whole life can, with many carriers, cover you to age 121.
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Whole Life is designed to be in force until you die. The premiums never go up because they are averaged out over a persons expected lifetime. As a result, initially the premium is higher than term insurance. The excess premium is invested and a cash value fund is built into the policy. Whole life is designed for permanent needs. Term insurance for temporary needs.
Term life insurance can be purchased in increments of 5, 10, 15, 20 and 30 years with guaranteed level premiums. Guaranteed universal life or participating whole life can, with many carriers, cover you to age 121.