If you are looking to have an insurance policy for the rest of your life, or have investment goals, permanent life insurance is a good fit.

Permanent insurance (e.g. universal life, variable universal life and whole life/ordinary life) provides long-term financial protection. Permanent life insurance policies include both a death benefit and, in some cases, cash savings. Because of the savings element, premiums tend to be higher. This type of life insurance is good for long-range financial goals.

Purchasing permanent insurance is like buying a home instead of renting. You are taking care of long-term housing needs with a long-term solution. Your monthly costs may be higher than if you rent, but your payments will build equity over time. If you purchase permanent insurance, your premiums will pay a death benefit and may also build cash value that can be accessed in the future.

• Whole life or Ordinary life - Similar to yearly renewable term and convertible term, whole life policies stretch the cost of insurance out over a longer period of time in order to level out the otherwise increasing cost of insurance. In this case, however, it is spread not over a few years but over your entire life. Your excess premium dollars are invested in the company's general portfolio. Because you aren't personally managing that investment, your selection of an insurance company is vitally important.
  With this type of policy, however, the inflexibility of premium payments could become a burden if your expenses increase or if you lose your job.
  
  
• Universal life or Adjustable life - Universal Life insurance offers greater flexibility than whole or term life insurance. After your initial payment, you can reduce or increase the amount of your death benefit (although to increase the amount, you'll probably have to give the insurance company medical proof that you are still in good health). Also, after your initial payment, you can pay premiums any time, in almost any amount within the policy's required minimums and maximums.
  You will need to actively manage these policies to maintain sufficient funding, especially because the insurance company can increase charges (like mortality and expenses). Plus, part of your premium is invested by your insurance company, so you'll need to be careful when choosing a company.
  
  
• Variable life - There are both Universal and Whole Life versions of Variable Life insurance. Variable Life provides death benefits and cash values that fluctuate with the performance of the insurance company's portfolio of investments (you'll receive a prospectus along with your policy). The cash value is not guaranteed, but you get to choose where your premium dollars go among the variety of investments in the portfolio. Thus, while there is no guaranteed cash value, you have control over your money and can invest it according to your own tolerance for risk.
  
  
• Variable-universal life - With this insurance policy, you get the features of variable and universal life policies. You have the investment risks and rewards characteristic of variable life insurance, coupled with the ability to adjust your premiums and death benefit that is characteristic of universal life insurance.

• A.M. Best - Insurance Information Resource
  
• American Insurance Association (AIA)
  
• American Risk and Insurance Association (ARIA)
  
• Coalition Against Insurance Fraud
  
• FirstGov for Consumers
  
• Insurance Information Institute (III)
  
• National Association of Insurance Commissioners (NAIC)
  
• National Insurance Crime Bureau (NICB)