Permanent Life Insurance is a type of insurance that provides coverage for your entire life, as long as you continue to pay premiums. Unlike term insurance, which only covers you for a specific period, permanent life insurance also builds cash value over time. This cash value can be borrowed against or withdrawn, making it a long-term financial tool for planning retirement or other significant expenses.
This type of insurance can be more expensive than term insurance, but it offers lifelong protection and a potential source of savings.