Permanent Life Insurance is a type of life insurance that provides coverage for the insured's entire lifetime, as long as premiums are paid. Unlike term life insurance, which only covers a specific period, permanent life insurance accumulates cash value over time. This cash value can be borrowed against or withdrawn, offering financial flexibility. There are different types of permanent life insurance, including whole life and universal life policies. Whole life insurance has fixed premiums and guaranteed cash value growth, while universal life insurance offers more flexibility in premium payments and death benefits. Both types ensure that beneficiaries receive a payout upon the insured's death.