The key difference is that whole life insurance provides lifelong coverage with a cash value component, while term life insurance offers coverage for a specific period (such as 10, 20, or 30 years) with no cash value, typically at a lower cost.

The cash value in a whole life insurance policy accumulates over time as you pay your premiums. This cash value can be borrowed against or withdrawn, providing a source of funds for financial needs or emergencies.

Whole life insurance typically offers fixed premiums and coverage amounts. If you need more flexibility, you may want to consider other types of permanent life insurance, such as universal life insurance.

Borrowing against your policy's cash value reduces the death benefit until the loan is repaid. Interest is also charged on the loan amount. If the loan is not repaid, the outstanding balance will be deducted from the death benefit.

Yes, premiums for whole life insurance are generally higher than those for term life insurance due to the lifelong coverage and cash value accumulation.