When you are ready to buy life insurance, you might be confused whether you should get term life or whole life. Therefore, it is very important to understand how these two terms are different and what are the advantages and disadvantages of these policies. Term life insurance comes with insurance coverage for a fixed number of years, you can choose insure yourself for 5, 10, 15, or even 30 years, you use your benefits yourself. Whole life insurance covers your entire life, however, unlike the term life insurance the benefits of whole life insurance goes to your nominee, or surviving family, after your death.