Permanent Life Insurance
Permanent is a type of life insurance policy that provides coverage for the entire lifetime of the insured individual. Unlike term life insurance which provides coverage for a specific period of time, permanent life insurance remains in effect as long as the premiums are paid.
One type of permanent life insurance is Whole Life Insurance. This is a plan that can last your entire life provided you make premium payments. The death benefit/coverage amount and premium usually remain the same for the duration of the policy. These types of policies can grow cash value the longer you have them
Universal Life is another permanent option. These generally offer cash value but it is not guaranteed. They are typically a cheaper alternative to lifelong coverage.