Permanent life insurance offers lifelong coverage and a death benefit, unlike term insurance which covers a specific period. Key features include guaranteed lifelong coverage, a tax-deferred cash value component that can be accessed through loans or withdrawals, and typically level premiums. Types include whole life (guaranteed death benefit, cash value growth, and level premiums), universal life (flexible premiums and death benefit), and variable life (cash value invested in various options). Benefits include lifelong protection, cash value accumulation, and estate planning advantages. However, permanent life insurance is generally more expensive than term insurance and can be more complex. It's a good option for those seeking lifelong coverage, a tax-deferred savings vehicle, or estate planning tools. Consulting a financial advisor is recommended.
