What is permanent life insurance?

Permanent life insurance is designed to provide coverage for the insured's entire lifetime, as long as the required premiums are paid. This type of insurance not only offers a death benefit to the beneficiaries upon the insured's death but also includes a cash value component that can grow over time. The ongoing nature of the policy ensures that there is no expiration date, unlike temporary or term life insurance, which is typically limited to a specific time frame.

In contrast, the other options describe characteristics that do not align with the fundamental principles of permanent life insurance. For instance, a temporary coverage option or renewable policy typically refers to term life insurance, which provides coverage for a limited period and is not permanent. A policy with no death benefit would not fulfill the primary purpose of life insurance, which is to provide financial support after the insured's death. Additionally, a policy that can only be purchased by seniors limits accessibility and contradicts the universal nature of permanent life insurance, which can be obtained by individuals at various life stages.