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. It offers a death benefit, which is the amount paid to the beneficiary upon the death of the insured, and also includes a cash value component that grows over time. There are different types of permanent life insurance, such as whole life insurance, universal life insurance, and variable life insurance. Whole life insurance provides a guaranteed death benefit, fixed premiums, and a cash value component that grows at a guaranteed rate. Universal life insurance offers more flexibility in premium payments and death benefits, allowing policyholders to adjust these aspects as their financial needs change. Variable life insurance allows policyholders to invest the cash value in various investment options, such as stocks and bonds, with the potential for higher returns but also higher risks. The cash value in permanent life insurance policies can be accessed through policy loans or withdrawals, providing a source of funds for various needs, such as education expenses or retirement income. It's important to note that accessing the cash value may reduce the death benefit and could have tax implications. The premiums for permanent life insurance are typically higher than term life insurance due to the lifelong coverage and the cash value component. However, permanent life insurance provides a level of financial security and can serve as a valuable asset in an individual's overall financial plan.