What is the difference ?
Term Life
Provides coverage for a limited time period (term), as long as premiums are paid
Provides a death benefit, but typically no cash value
Initially, less expensive form of life insurance
May be renewable or convertible
Permanent Life
Provides lifetime coverage, as long as premiums are paid
Cash value accumulates over time and creates an asset which may be used during your lifetime
Level premiums for the length of the policy.
May offer flexible premium payments