What characterizes "permanent life insurance"?

Permanent life insurance is characterized by its provision of coverage that remains in effect for the entire life of the insured, as long as premiums are paid. This type of insurance is designed to last as long as the individual lives, which differentiates it from term life insurance that only provides coverage for a specified period and eventually expires.

Additionally, permanent life insurance often includes a cash value component that grows over time, which can be utilized during the insured's lifetime, provides a death benefit to beneficiaries upon the insured's death, and can be a source of loans or withdrawals. Its structure serves both as a means of providing lifelong protection and a savings or investment component, making it a versatile financial tool.

Options that imply a temporary nature or that focus solely on either death benefits or investments don't capture the essence of permanent life insurance and thus cannot be considered correct. The distinguishing feature is the lifelong coverage aspect, making it suitable for individuals looking for long-term protection and benefits.