Permanent life insurance provides a death benefit as long as you live if your premiums are paid. As with all life insurance, the benefits are paid to beneficiaries tax-free. Periodic review of life insurance policy is recommended.
Some polices have the option to pay premiums for a shorter periods such as 20 years, or until age 65. Premiums are higher, since the premium payments are made during a shorter period.
Cash value life insurance policies may be one of several types: whole life, universal life and variable life.