A permanent life policy provides lifelong insurance protection. A tax free payment is made to your beneficiaries upon your death. Some plans provide cash values that can build over time. Most permanent insurance policies are guaranteed to never increase so the amount you pay stays the same for the duration of the policy. Permanent life insurance is like owning and Term life insurance is like renting. Permanent plans usually cost more than term because they cover you for life and they usually over cash values. In some policies these cash values can be substantial. Some examples of Permanent life insurance policies are Whole Life and Universal Life.