What is "permanent insurance" designed to provide?

Permanent insurance is designed to provide lifelong coverage that remains in effect for the insured's entire life, as long as premiums are paid. This type of insurance also includes a cash value component, which means that in addition to providing a death benefit, it accumulates cash value over time. This cash value grows at a guaranteed rate, and policyholders can borrow against or withdraw from this cash value, making it a versatile financial tool.

This structure differentiates permanent insurance from other types, such as term insurance, which typically offers coverage only for a specified period and has no cash value. The presence of both lifelong coverage and a cash value component is what makes permanent insurance a unique and advantageous option for policyholders who are looking for long-term financial security and potential savings.