What is the main advantage of permanent life insurance?

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The main advantage of permanent life insurance is its lifelong coverage. Unlike term life insurance, which only covers a specific period (such as 10, 20, or 30 years), permanent life insurance provides coverage for the entire lifetime of the insured individual, as long as premiums are paid. This means that the policyholder can have peace of mind knowing that their loved ones will receive a death benefit whenever they pass away, regardless of when that occurs, as long as the policy is in force and premiums are up to date. Additionally, permanent life insurance policies often have a cash value component that grows over time, which can be utilized for various financial needs such as borrowing against the policy, supplementing retirement income, or covering unexpected expenses.