First, it can be expensive compared to other types of life insurance plans; such as, term insurance.
Since it is more expensive than term, you cannot afford as much life insurance as you may with a term life insurance policy.
Also, many people may only need life insurance for a specific period of time, until the kids are grown and on their own, or the mortgage is paid off. But, with permanent life insurance you are paying a rate based on the idea you will keep the policy your entire lifetime.
But, many people don't need permanent coverage because their need for life insurance may go away later in life when they have fewer financial responsibilities and more money saved.
Here's how you can compare permanent life insurance versus term life insurance to help you decide which type of life insurance may best fit your needs.