I am a Financial Advisor with my Life Insurance license. Basically what Glockman said is right on point.
Term life is cheaper because it is for a specific term. It's only pure insurance, no saving abilities. Good option for an outstanding mortgage on a home.
Whole life covers you for your 'whole' life, as long as you pay your premium. It also accumulates cash within the policy, like a saving feature.
How old are you? Also what kind of loans do you have outstanding, PM me and I can give you an idea on what is a right price, I can search about 250 carriers and let you know what is a fair quote.