What does "permanent life insurance" refer to?

Permanent life insurance refers to policies designed to provide coverage for the entire lifetime of the insured, typically as long as the premiums are paid. Unlike term insurance, which only lasts for a specified period, permanent life insurance offers lifelong protection, addressing the financial needs that may arise at any time over the insured's lifetime.

These policies also include a cash value component, which accumulates over time and can be borrowed against or withdrawn under certain conditions. This cash value growth offers additional benefits that term policies do not provide.

The other options discuss features or types of coverage that do not align with the concept of permanent life insurance. Temporary coverage or policies issued for a specific term suggest a limit on how long the insurance is effective, while a lack of a cash value component is characteristic of term life insurance rather than permanent life policies. Permanent life insurance is fundamentally about long-term financial security and coverage throughout an individual's life.