Term Life Insurance

Is insurance that covers you for a specific amount of time—typically 10, 15, 20, or 30 years—for a predetermined dollar amount.
It can help replace the loss of your income so your loved ones can pay for housing, college, or other financial necessities.
You can get 5 million or more in coverage, for a set number of years. In the event of death a lump sum, tax-free payout goes to your beneficiaries.

Whole Life Insurance

Is a permanent life insurance that covers you for your entire life, with fixed premiums, a guaranteed cash value, and a guaranteed payout amount.
Premiums are usually fixed, and can often be paid in a single payment or in installments.
Can be used for the replacement of income tax-free wealth transfer or to pay for estate taxes.