What is another name for Whole Life Insurance?

Whole Life Insurance is often referred to as Permanent Insurance because it provides coverage for the entire lifetime of the insured, as long as premiums are paid. This type of insurance does not expire, unlike Term Insurance, which only offers coverage for a specified period. Permanent Insurance, including Whole Life, combines a death benefit with a cash value component that grows over time, making it a lifelong financial product.

The other options, such as Term Insurance, Convertible Insurance, and Variable Insurance, represent different types of life insurance products that do not capture the enduring nature and cash value aspect of Whole Life Insurance. By using the term "Permanent Insurance," it highlights the fundamental characteristic of Whole Life: its lasting coverage and accumulation of cash value.