The chief advantage of permanent life insurance plans, also known as "cash-value" insurance, is that they are, indeed, permanent; they last until you die while term coverage lasts for 10, 20 or 30 years, and the price can skyrocket when you try to renew.

Whole and universal life are known as "cash-value" insurance because, in addition to paying for coverage, you contribute to a savings fund that pays either a fixed rate of interest or is invested in mutual funds or other securities. As you build up that savings, you can borrow against it tax-free.

This is cache, read story here