Permanent life insurance is designed to protect you throughout your lifetime. It comes in two basic forms: whole life insurance and universal life insurance.

Like all life policies, your beneficiaries will receive the death benefit of the policy at the time of your death. This can be paid out in a lump sum or in any one of a number of settlement options.

What makes permanent life policies unique is their ability to provide additional worth through cash value. You are able to access the money through loans or withdrawals – for example to finance a child's education or place a down payment on a new home.