What types of policies does permanent life insurance include?

Permanent life insurance includes policies that provide coverage for the entire lifetime of the insured, as opposed to a limited term. Whole life and universal life are the two primary types of permanent life insurance.

Whole life insurance is designed to provide coverage for the insured's lifetime and accumulates cash value over time, which can be borrowed against or withdrawn. This type of policy typically has fixed premiums and death benefits.

Universal life insurance also offers lifelong coverage but provides more flexibility in terms of premium payments and death benefits. It allows policyholders to adjust their premium payments and death benefits within certain limits, while still accumulating cash value based on interest rates.

Other options listed in the question, such as term life insurance, are not considered permanent because they provide coverage for a specific period, after which the coverage ends. Endowment policies, while similar to permanent policies, are typically structured to pay out a benefit after a specific term or upon reaching a certain age, rather than providing lifelong coverage. Thus, the correct identification of permanent life insurance types as whole life and universal life is essential to understanding the structure and benefits of such insurance policies.