When choosing life insurance, most people face one big decision: Whole Life or Term Life?  Both offer important protection, but they work very differently. In this article, we’ll compare the two side by side to help you understand which one fits your needs, goals, and budget. Whole Life Insurance Overview Whole life insurance is a type of permanent coverage  that lasts your entire lifetime. It also builds cash value , which acts like a savings account you can borrow against.