Definitions for "Permanent insurance"
Keywords:  lifetime, endows, whole, cash, coverage
Insurance that accumulates cash value tax free. The policy endows when the cash accumulation becomes equal to the face value or the amount of coverage.
A form of life insurance that provides lifetime coverage to the policy owner. This type of policy also provides a savings element that builds a cash value in the policy.
Insurance contracts that offer lifetime coverage for fixed premium payments. Premiums may be payable for life (whole life), or for shorter periods (limited pay). Permanent insurance generates cash value -- the basis for the policy‘s “surrender value“.