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Permanent Life Insurance

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Permanent life insurance is form of indemnity that offers extended life insurance coverage and a savings portion known as cash value. Permanent life insurance is a broad definition, marking almost all types of life insurance, excluding group and term. The most common forms of permanent life insurance are whole life, universal, and endowment. Unlike term life insurance, permanent life insurance policies provide life-long protection. In addition to the death benefit, permanent life insurance policy owners are able to accumulate savings through cash value. Permanent life insurance cash value can also be used as a way to borrow money once sufficient reserves accrue. In addition, permanent life insurance policy holders can withdraw funds from the cash value for personal use. Cash value savings associated with permanent life insurance are tax deferred and remain as such so long as the policy is active and premiums are paid.

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