ermanent life insurance is life insurance which remains in force (in-line) until the policy matures (pays), unless the owner does not pay the premium when due (the policy expires or policies lapse). The policy may not be canceled by the insurer for any reason except fraud in the application, and that the termination should be made within a period of time defined by law (usually two years). Permanent insurance builds a cash value that reduces the amount of risk to the insurance company and thus the insurance expense over time. This means that a policy with one million U.S. dollars face value can be relatively expensive for a u200b u200b70 years old. The owner can access the money in the cash value of withdrawing cash, borrowing the cash value or surrender the policy and receiving the surrender value.
The four basic types of permanent insurance are whole life, universal life, limited pay and endowment insurance.
