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