Term Life Insurance is very attractive to protect all immediate needs over specific period of time e.g. underage dependent children, mortgage, business and personal loans.  It offers most coverage for the lowest monthly payment but it renews at higher rate and can expire before the covered person dies.

Permanent Life Insurance offers coverage for your entire life.  It is often used for estate preservation and inheritance.  It offers opportunity to build cash value, which can provide some valuable options. Cash value can be used as collateral to take loans against the policy or, in some situations, it can pay the premiums if you stop paying for your insurance.