What is the difference between ordinary life insurance and term insurance?

I heard about "term insurance" whose meaning is not clear to me. Can anybody please explain what is the difference between ordinary life insurance and a term insurance?

What are the advantages and disadvantages of the two?

Ordinary or whole life insurance is lifetime coverage that builds cash value over time inside the policy. So, it provides life insurance and builds some investment within the policy.

Term insurance is temporary life insurance for a specific number of years, usually 10, 15, 20, or 30 years.

If you outlive the term of your policy, term insurance expires. if you die during the term of your policy, your beneficiary receives the proceeds from your life insurance plan.

Many people choose term life insurance because it is the most affordable type of life insurance, and offers flexibility of how many years you can be covered.

Here's how to review the benefits and drawbacks of term life insurance vs permanent life insurance

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