What type of insurance provides coverage for the entire lifetime of the insured as long as premiums are paid?

Permanent insurance is designed to provide coverage for the entire lifetime of the insured, given that all premiums are paid as required. This type of insurance ensures that the policy remains in force as long as the premiums are maintained, making it a long-term financial protection tool.

Permanent insurance typically includes a savings or cash value component, which accumulates over time, in contrast to term insurance, which only provides coverage for a specified period without any cash value. Universal insurance and variable insurance are types of permanent insurance but have specific characteristics and flexibility regarding premiums and investment options. Therefore, while they offer similar lifetime coverage, the broader category encompassing these features is simply termed permanent insurance.