How do whole life and term insurance differ from the perspective of insurance companies?

$-$Select$-$Whole life insuranceTerm insuranceItem $1$ generates periodic premiums over a long term, while the premiums generated from $-$Select$-$whole life insuranceterm insuranceItem $2$ are limited in time and generally lower.

How do whole life and term insurance differ from the perspective of the policyholders?

$-$Select$-$Whole life insuranceTerm insuranceItem $3$ does not build a cash value, so it is not a savings mechanism. $-$Select$-$Whole life insuranceTerm insuranceItem $4$ is less expensive than $-$Select$-$whole life insuranceterm insuranceItem $5.$