There are five types of permanent insurance:
- Step Premium Permanent Insurance
- Term to age 100
- Universal life
- Whole life
- Hybrid Life
For all permanent plans, coverage stays in place until death, no matter the age. Some types of permanent plans have cash values and some do not. Cash values include accumulated capital within the tax exempt fund and any guaranteed cash surrender values that are offered to the policyowner by the insurance company upon cancellation of the contract. Depending on the type of policy established the total cash values, including the guaranteed portion, may be accessed by the policyowner through a number of different methods.