The main difference is duration
Term insurance is designed for a defined period. It tends to fit needs with an end date, such as a mortgage, dependent children or temporary business debt.
Permanent insurance is designed to remain for life if required premiums are paid. It can fit a genuinely lifelong need, but usually costs more for the same initial death benefit.
Compare the contract, not only the label
Renewal rates, conversion rights, premium guarantees, cash values, surrender charges and participating dividends differ by product. A feature is useful only when it serves the identified need.
A combination can be appropriate when part of the need is temporary and part is lifelong. It can also be reasonable to buy only term coverage or delay a permanent decision.
What changes the answer
The answer changes with the duration of the need, budget stability, health, tax and estate context, existing coverage and whether flexibility is worth the additional cost.
If the need ends, a lifelong product should not be justified merely because it contains more features.
Official sources
This is general educational content, not a recommendation of a product or amount for a particular person. The answer changes with the contract, need, finances and health.