Permanent Life Insurance is designed to provide lifelong protection with generally level premiums. All permanent policies may accumulate cash value and is priced for you to keep over a long period of time. There are three main types: whole, universal and variable.

Whole Life Insurance is the most common type of permanent insurance. It usually has premiums that remain constant over the life of the policy. Whole life insurance also builds a savings element since part of the premium is used to accumulate a guaranteed cash value.

Universal Life Insurance is variation of the whole life. It is a permanent policy that gives the owner the right to vary premium payments and the death benefit within certain prescribed limits. As in whole life, cash value builds within the policy. The rate of return on the accumulation account fluctuates according to investment performance but will generally not fall below a guaranteed minimum rate of return.

Variable Life Insurance is a permanent policy under which the cash value of the policy may fluctuate according to the performance of the underlying investment options. The policyholder can allocate their premiums among a variety of investment options offering different degrees of risk and reward: stocks, bonds, combinations of both, or fixed accounts that guarantee interest and principal. The cash value of a variable life policy is not guaranteed and the policyholder bears that risk. Most variable life policies guarantee that the death benefit will not fall below a specified minimum.