Whole life insurance is a permanent form of life insurance as opposed to term life, which only lasts for the term of the policy, usually, but not always, 20 years. Whole life, as the name implies, can go on forever, if the owner of the policy chooses.
Whole life goes on until the insured either passes away or turns 100. At the death of the principal, the family would receive the death benefit of the policy, as long as the policy is current and still in effect. It can go on forever at the discretion of the policy owner.
Term life insurance, on the other hand, expires. If, by the end of the term, the principal has not passed away, the policy expires, even if the owner of the policy wants it to continue. For this reason, only a small percentage of term life insurance policies are paid.
Term life insurance quotes, for this reason, is significantly cheaper than whole life insurance quotes. Oftentimes the difference in premiums is 8-10X as much as it is for a similar term policy.