Permanent life insurance is a type of life insurance that provides coverage for the entire lifetime of the insured, as long as the premiums are paid. Unlike term life insurance, which provides coverage for a specific period, permanent life insurance offers lifelong protection. There are different types of permanent life insurance, including whole life insurance, universal life insurance, and variable life insurance. Whole life insurance guarantees a death benefit and also accumulates cash value over time. Universal life insurance offers more flexibility in premium payments and death benefits, and it also accumulates cash value based on the performance of the underlying investments. Variable life insurance allows the policyholder to allocate premiums to a variety of investment options, and the cash value and death benefit can fluctuate based on the performance of the investments. One of the key features of permanent life insurance is the cash value component, which allows the policy to build up a cash reserve that can be accessed through policy loans or withdrawals. This cash value grows tax-deferred and can be used for various purposes, such as supplementing retirement income or covering unexpected expenses. It's important to note that permanent life insurance typically has higher premiums compared to term life insurance, but it provides the advantage of lifelong coverage and the potential for cash value accumulation. When considering permanent life insurance, it's essential to carefully evaluate the specific features, costs, and benefits of the policy to ensure it aligns with your financial goals and needs.