What is whole life insurance also known as?

Whole life insurance is also known as permanent life insurance because it provides coverage for the insured's entire lifetime, as long as premiums are paid. This type of policy accumulates cash value over time, which can be borrowed against or withdrawn in certain circumstances.

In contrast, term life insurance is designed to provide coverage for a specific period and does not have a cash value component. Universal life and variable life insurance are types of flexible permanent insurance that offer the ability to adjust premiums and death benefits, and they also allow for cash value accumulation but have different structures compared to whole life insurance. Therefore, the term "permanent life insurance" encapsulates the lifelong coverage feature of whole life insurance effectively.