The main difference is how your cash value grows. With Indexed Whole Life, your interest rate will vary according to the market. Some individuals like the option of taking advantage of moments when the market is particularly high; they're great opportunities to grow your cash value at a faster rate than a Whole Life Policy. 

No. You can select a time period, 10 or 20 years, within which you choose to pay your premiums. Once that time period ends, you're no longer required to pay your premium. Your cash value will continue to grow and your policy will be secured for when you're ready to retire.