Hello Dear, According to me, Whole Life Insurance is a kind of insurance that gives life-long coverage. The premiums are higher as compared to a term insurance policy. Term insurance is an insurance policy that comes with a set time frame. As per the rules of this policy, the beneficiary gets the death benefit should you pass away while the policy is still functional. However, if you live to see the policy mature, then no benefit is received by either the nominee or you as the insured.