Permanent life insurance remains in force for the whole of the policyholder's lifetime and combine a death benefit with a savings portion. This savings portion can build a cash value - against which the policy owner can borrow funds, or in some cases, the owner can withdraw the cash value to help meet future goals, such as paying for a child's education. To borrow against the savings portion of a permanent life insurance policy, there is usually a waiting period after the purchase of your policy for sufficient cash value to accumulate. The two main types of permanent life insurance are whole and universal life insurance policies.

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