Permanent Life.
Permanent life insurance is designed to provide lifelong coverage, provided the required premiums are paid and the policy remains in force. It generally costs more than term insurance and may build cash value over time.
Depending on the policy, you may be able to access cash value through withdrawals, policy loans or by using the policy as collateral for a loan. Accessing these values can affect the policy’s cash value, death benefit and taxes, so it is important to understand how your specific policy works.