Permanent life insurance is coverage that does not expire as long as the premiums are paid. In addition to a death benefit, it includes a cash-value component that can function as an investment and savings tool. The owner may access this cash value through a loan, withdrawals, or by surrendering the policy, though fees and expenses may apply. Permanent policies have significantly higher premiums than term policies and can include whole, universal, variable-universal, and indexed-universal life insurance.
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