As the name suggests, Permanent Life Insurance is permanent in nature and lasts a lifetime. You can live up to 110 years. It will still be valid. Permanent Life Insurance is the only Insurance plan guaranteed to make payment upon death. However the premiums for Permanent Life Insurance are higher than Term Life Insurance. Premiums are paid only for the first 20 years of policy. No premiums are paid after that but policy continues to go on and stay continued on its .