What type of life insurance policy provides permanent protection?

Whole life insurance is designed to provide permanent protection throughout the insured's lifetime, as long as premiums are paid. This type of policy includes a savings component known as cash value, which accumulates over time and can be borrowed against or withdrawn under certain conditions. Whole life insurance guarantees a death benefit and typically has fixed premiums, making it a reliable option for individuals seeking lifelong coverage. This is in contrast to term life insurance, which only offers coverage for a specified period, such as ten or twenty years, and does not build any cash value. Universal life insurance also provides permanent coverage but with more flexibility in premium payments and death benefit amounts, while temporary life insurance generally refers to term products that do not offer lifetime protection. Hence, whole life stands out as the quintessential choice for those looking for permanent life insurance coverage.