What is another name for permanent life insurance

Permanent life, often called whole life insurance or cash value life insurance, provides coverage for the insured person's lifetime as long as premium payments are in good standing. Unlike term life, these policies may build cash value, which a policyholder or their heirs can access under certain conditions.

What is another name for permanent insurance?

In fact, permanent insurance is often referred to as cash-value insurance because these types of policies can build cash value over time, as well as provide a death benefit to your beneficiaries.

What type of insurance is permanent life?

Permanent life insurance refers to coverage that never expires, unlike term life insurance. Most permanent life insurance combines a death benefit with a savings component. Whole life and universal life insurance are two primary types of permanent life insurance.