What is the difference between whole life and term life insurance policies?

My husband wants to take out an insurance policy on himself for our family due to the fact that he is the primary source of income for our family.

We have been researching life insurance policies. What is the difference between whole and term life?

My husband is 8 years older than me so he wants to make sure that myself and our children are taken care of in the event of his death.

Term life insurance is just like car insurance. If you have a claim the insurance company pays and if you don't your money is gone. The life insurance is just there in case you die.

Term life insurance lasts for a specific period of time, from 1-30 years.

Usually, term life insurance is available for 10, 15, 20, or 30 years. If you outlive the term of your life insurance, your policy expires.

Whole life insurance is more expensive and has a savings portion called cash value. It is not an investment and should not be used for that purpose.

Term life insurance is cheap and whole life is not.

Here's how to learn more about term life insurance vs permanent life insurance.

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