What is permanent life insurance?

Permanent life insurance provides ongoing life insurance coverage regardless of how long the policy has been in force. Unlike term policies, permanent insurance will stay in force as long as the premiums are paid and the insured is alive***. A permanent insurance policy will not stop providing insurance after a set amount of time like a term life insurance policy. Examples of permanent insurance are Universal life, Whole life and variable policies. Often permanent policies can accumulate cash value in the policy which can be used by insureds for loans or to even pay some of the premium responsibilities.
***Endowment whole life policies pay the death benefit to an insured that reaches age 100.