Life Insurance is a contract in which a policyholder pays regular premiums in exchange for a lump sum death benefit paid to the policyholder's beneficiaries. The lump sum benefit is paid when the policyholder either dies or a specific period of time has passed.
Term Life Insurance covers a specific period of time, usually for a specific need:
Whole and Universal Life Insurance typically provide coverage for your lifetime, as long as policy terms are met, and can also accumulate a cash value over time.
(It is important to note that Universal Life premiums can fluctuate.)