The key difference is that term life insurance offers coverage for a specific period with no cash value, while whole life insurance provides lifelong coverage with a cash value component, typically at a higher cost.

Premiums are based on factors such as the insured's age, health, lifestyle, coverage amount, and the length of the term. Generally, term life insurance premiums are lower than those for whole life insurance.

Many term life insurance policies offer the option to renew coverage at the end of the term or convert to a permanent life insurance policy, such as whole life insurance, without a medical exam.

If you outlive your term life insurance policy, coverage ends and no death benefit is paid. You may have the option to renew the policy, but premiums may be higher based on your age and health at that time.

Yes, term life insurance premiums are generally lower than whole life insurance premiums because the coverage is temporary and there is no cash value component.