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Life Settlement
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DEFINITION OF PERMANENT LIFE INSURANCE


Permanent life insurance, also know as whole life insurance, provides insurance for the remainder of the insured's life, rather than a specified term. Like universal and variable life insurance policies, permanent life insurance policies have a savings component that builds accumulated account value, but generally have fixed premium outlay and death benefit. The beneficiary is paid the death benefit and the accumulated account value upon the death of the insured. See: Whole Life Insurance

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