A type of life insurance designed to be in force for the life of the insured and includes traditional universal life, indexed universal life, no-lapse guaranteed universal life, whole life, and variable universal and whole life. It usually has higher initial premiums than term life. Permanent insurance typically has the following benefits:
-
Level scheduled premiums for the life of the insured
-
Permanent insurance coverage for the life of the insured
-
Either level or increasing death benefit options
-
Inside build-up of contract cash values
-
Policy cash value withdrawal and loan options
-
Various non-forfeiture options