Permanent Life Insurance

Permanent life insurance is a type of life insurance policy that provides coverage for the insured’s entire lifetime, as long as premiums are paid, unlike term life insurance which only lasts for a set period. Permanent policies pay a death benefit to beneficiaries and also feature a cash value component that grows tax-deferred over time and can be accessed by the policyholder through loans or withdrawals. There are several types of permanent life insurance, including whole life (with guaranteed premiums and cash value growth), universal life (with flexible premiums and adjustable death benefits), and variable life (allowing investment of the cash value), but all offer lifelong coverage and potential for asset accumulation beyond just insurance protection. Premiums for permanent life insurance are generally higher than term life insurance, reflecting its longer duration and built-in savings features.