Permanent life insurance provides coverage for the insured's entire lifetime. This type of insurance policy accrues a cash value over time until it reaches maturity. The policyholder has various options for utilizing the accumulated cash value, including withdrawing funds, borrowing against the cash value, or surrendering the policy and receiving the surrender value.
There are three fundamental categories of permanent insurance: whole life, universal life, and endowment. Each type offers distinct features and benefits, catering to different financial goals and preferences.
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