PERMANENT LIFE INSURANCE

• Has higher initial costs
• Normally has level premiums
• Policy is only ever cancelled if client chooses to cancel it; it has no "age limit"

Permanent insurance is like "paying for a house that you own"; the costs are higher but you build equity. Eventually, the "equity" or "cash reserve" can be used to pay for future premiums instead of them being paid out of your own pocket (almost equivalent to the mortgage payment ceasing after a period of time).