Like owning property, owning permanent life insurance is usually an appropriate way for people to help meet long-term needs. Over time, it may be the least expensive form of life insurance since premiums are fixed and it builds value. Plus, this cash value accumulates on a tax-deferred basis.

Types of permanent insurance can be likened to types of mortgages. Whole Life requires a higher payment, but has the most guarantees. Other permanent products require less premium, but contain a degree of uncertainty.