How Is Life Insurance Used? 
Term life insurance is used to provide a death benefit during a specified period of time . Permanent insurance is used to provide a death benefit at any time the policy is in force . In order to accomplish this and have level premiums , policies accumulate extra funds . These funds are designed to allow the policy to meet its lifelong obligations . However , these funds accumulate tax free and give the policy the potential of solving many problems from funding education , to providing long term care . 