The main difference between term and permanent life insurance is the length of coverage they provide.

Term life insurance provides coverage for a specific period of time, typically anywhere from 1 to 30 years. If the insured person dies during the term of the policy, the death benefit is paid out to the beneficiaries. If the insured person outlives the term, the policy expires and no death benefit is paid out.

Permanent life insurance, on the other hand, provides coverage for the entire life of the insured person, as long as the premiums are paid. There are several types of permanent life insurance, including whole life insurance, universal life insurance, and variable life insurance. Permanent life insurance policies usually have a savings component, called cash value, which grows over time and can be borrowed against or used to pay premiums.

Here are some other key differences between term and permanent life insurance:

1. Cost: Term life insurance is generally less expensive than permanent life insurance, especially in the short term. This is because term policies do not build up cash value and are only designed to pay a death benefit.

2. Coverage: Term life insurance provides coverage for a specific period of time, while permanent life insurance provides coverage for life.

3. Flexibility: Term life insurance policies are generally more flexible than permanent policies. They can be renewed, converted to permanent coverage, or cancelled at the end of the term. Permanent life insurance policies are more complex and may have restrictions or penalties for early cancellation.

4. Investment: Permanent life insurance policies have a cash value component that can be invested and grow over time. Term life insurance policies do not have a savings component.

Deciding between term and permanent life insurance depends on your individual needs and goals. If you only need coverage for a specific period of time, such as until your children are grown or your mortgage is paid off, then term life insurance may be a good option. If you want lifelong coverage and the ability to build up savings, then a permanent life insurance policy may be more appropriate.