Term life insurance covers you for a fixed period — say 10, 15 or 20 years — and pays out only if you die within that term. Because the insurer is only on the hook for a limited window, premiums are typically far lower than whole life cover for the same payout amount.
Whole life insurance, by contrast, covers you for as long as you keep paying premiums, and usually builds a cash value you can borrow against or draw on later. That extra flexibility comes at a materially higher premium.
Neither option is universally "better" — the right choice depends on what you are protecting against and for how long. A term policy timed to your mortgage or your children reaching financial independence is often the more cost-effective choice; whole life suits people who want lifelong cover plus a savings component in a single product.
As with any policy, read the schedule of benefits and exclusions carefully, and confirm the underwriting insurer’s NAICOM licence before you buy.