What does "permanent life insurance" provide?

Permanent life insurance provides lifelong coverage, which distinguishes it from term life insurance that is temporary and has a defined expiration date. One of the key features of permanent life insurance is the cash value component that accumulates over time. This cash value grows at a guaranteed rate and can be accessed by the policyholder through loans or withdrawals. Additionally, as long as premiums are paid, the coverage continues for the insured's entire lifetime, as opposed to expiring after a set term. This combination of lifelong protection and cash value accumulation makes permanent life insurance a valuable financial tool for long-term planning and investment, which is why the identification of this option as the correct answer is accurate.