If you are pout for buying an insurance policy for your safety, you must understand the basic difference between the whole life insurance and term life insurance. The whole life insurance is also called permanent life insurance. It is called permanent as the policy provides protection coverage for the entire life. If you buy such policy you have to pay a fixed premium to enjoy the protection coverage from the insurance company. You can also buy term life insurance for a particular period of time like 5 10, 15, 20 or 30 years. You should not misinterpret the word term of term
Life insurance, which does not mean for the whole life term; it is only meant for a fixed period of time. But if you want to renew the term policy you have to pay higher rate of premium. So before buying any policy make sure what actually you want to buy. If you want to buy the whole life insurance you can do that or if you want to buy a term life insurance you can also do that.

The whole life insurance is designed in such a way that you have to pay a life long equal premium to enjoy the protection of the insurance company. So long you, as a policyholder pay the premium you are entitled to get the benefit of the insurance. In such a situation the rate of premium is lower as it spreads for a longer period of time. If you are holder of whole life insurance policy you will enjoy the benefit of protection at any point of time. On the other hand if you have a term life insurance you will get the benefit within the stipulated or fixed period of time. The policy may be while life or term life, as a buyer you have to make proper comparison of price and features of different policies. Once you make a comparison you will be able to reach a conclusion of buying a particular type of insurance. However the insurance must fit to your requirement.