Business and Personal Finance Dictionary

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• PERMANENT LIFE INSURANCE
  
  Permanent life insurance is an umbrella term for insurance that lasts as long as you live (as opposed to "term insurance," which lasts for a set period).) Within the category of permanent life insurance are a variety of policy types such as cash value, whole life and universal life. type of insurance that combines a death benefit, in which funds are paid to the beneficiary upon your death, with a tax-sheltered savings plan that creates an accumulating cash value. It is called permanent life insurance because the policy is open-ended and does not have to be renewed or converted, unlike term insurance, which is in force for a specified period of time. The policy offers a fixed premium, but also carries significant fees.
  
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