What Is A Permanent Life Insurance? 
Permanent life insurance is generally defined by the duration of term life insurance which generally , depending upon your age , goes as long as 30 years . Permanent life insurance coverage can go as long as age 121 and as short as age 85 . There are two types of permanent life insurance for indemnification : participating whole life and universal life . If youre willing to pay the ongoing guaranteed payments , either of these will provide the coverage you need . Participating whole life insurance can also provide supplemental retirement income for conservative long term savers . To optimize this type of policy for cash accumulation and tax advanced income , youll want to use a combination of a term and paid up additions rider . There are three types of current assumption universal life crediting either current interest rates , domestic and foreign indexed accounts or equity sub accounts . To optimize these polices youll want to establish the premium youre willing to pay and the length of time youre willing pay it . Then you will want to purchase the lowest TAMRA compliant death benefit and maintain it for the life of the insured . 