What does permanent life insurance cover?

Permanent life insurance provides coverage that lasts for the lifetime of the insured, as long as the premiums are paid. This type of insurance is designed to offer not just a death benefit but also to accumulate cash value over time, which can be accessed by the policyholder during their lifetime. Unlike term life insurance, which only offers coverage for a specific period and does not develop cash value, permanent life insurance ensures continuous protection without the need for renewal and offers a financial safety net both during the policyholder's life and after their death. This lasting coverage is fundamental to the nature of permanent policies, making it the most comprehensive and long-term solution for those looking to secure financial support for beneficiaries irrespective of when the insured passes away.