The two primary types of permanent life policies are whole life insurance and universal life insurance.
Whole life insurance offers coverage for the entire lifetime of the insured person, and its savings can grow at a guaranteed rate.
Universal life insurance also offers a savings element in addition to a death benefit but offers different types of premium structures and earns based on market performance, not a guaranteed rate of return.
Permanent life insurance is a type of life insurance that is typically designed to provide life insurance coverage until a person dies. This is different than other life insurance options such as term insurance, which only provides life insurance for a specified number of years.
Permanent life premiums are usually much higher than term life premiums. Some permanent life coverage may cost up to 5-10 times than the same amount of term life coverage.