What does permanent life insurance usually provide that term life insurance does not?

Permanent life insurance is designed to last for the entirety of an insured individual's life, as long as premiums are paid. One of its key features is the cash value component, which can accumulate over time. This cash value grows on a tax-deferred basis and can be accessed during the policyholder's lifetime, either through loans against the policy, partial withdrawals, or by surrendering the policy entirely.

In contrast, term life insurance provides pure death benefit protection for a specified term, such as 10, 20, or 30 years, without a cash value component. Once the term expires, coverage ends, and there is no accumulated value or investment aspect associated with the premiums paid.

Therefore, the characteristic of accumulating cash value is pivotal in distinguishing permanent life insurance from term life insurance, making it a critical feature for individuals who may wish to also have an investment or savings component accompanying their life coverage.