Term life insurance offers an inexpensive way to purchase a death and/or living benefits for a limited “term” or time period. The permanent life insurance offers a permanent accruing death and/or living benefits protection as well as accruing cash value growth within the policy over the life of the policy.
The Participating Whole Life aka PBC policy can be utilized to store your wealth with reasonable guaranteed interest rate while you wait for opportune times to invest those reserves (liquid cash value) into other wealth producing assets. It is important to use dividend paying whole life insurance provided by a mutual company verses a stock company. If a policy has high surrender penalties, which many permanent policies do have up to 15 years, it may not be the best choice of policy to apply Personal Banking Concept as a vehicle due to lack of liquidity especially first 10 years of the policy.