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.
Term life can be as permanent as you choose to make it, via guaranteed renewable policies. And equivalent amounts of money disappear, to pay for insurance, whether the policy is term or cash value. There can be benefits to a cash value plan, but these are not among them.