Permanent Life Insurance offers lifetime coverage, ensuring your beneficiaries receive a guaranteed death benefit no matter when you pass away. Unlike term life insurance, which expires after a set number of years, permanent life insurance stays with you for your entire life.
In addition to lifelong protection, permanent life insurance builds cash value over time, making it both an insurance solution and a long-term financial asset.
Three Types of Permanent Life Insurance
Whole Life Insurance
Whole life insurance is often considered the gold standard of permanent coverage. It offers:
- Fixed premiums
- Guaranteed lifelong coverage
- Strong, predictable cash value growth
You can access your cash value at any time, and policies can be paid over your lifetime or within a limited payment period. If stability and long-term certainty matter most, whole life is hard to beat.
Universal Life Insurance
Universal life insurance provides permanent coverage with more flexibility. Key features include:
- Adjustable premiums
- Adjustable death benefits
- Cash value accumulation
Universal life is typically more affordable than whole life, though cash value growth is usually slower. It’s a popular option for people who want lifetime protection with flexibility to adjust as their financial situation changes.
Survivorship Life Insurance (Second-to-Die)
Survivorship life insurance covers two people, usually spouses or partners, and pays the death benefit after the second person passes away. This type of policy is commonly used for:
- Estate planning
- Funding trusts
- Covering estate taxes
Because it insures two people under one policy, survivorship life insurance is often more affordable than purchasing two separate permanent policies.
Do I Need Permanent Life Insurance?
Permanent life insurance may be right for you if:
- You want lifelong coverage that never expires
- You’re planning for estate or legacy needs
- You want to build cash value as part of your financial strategy
- You want guaranteed protection for loved ones, charities, or trusts
It’s especially valuable for high earners, business owners, families focused on generational wealth, and anyone looking for long-term financial certainty.
Get Permanent Coverage with Confidence
With AccuQuote, you’re never limited to a single carrier or left to navigate complex decisions on your own. As an independent, multi-carrier platform, we compare top-rated insurers to find the right permanent life insurance solution for your goals, quickly and confidently.
Get a quote today and see how permanent life insurance can fit into your long-term financial plan.
