Which of the following is considered a type of permanent life insurance?

Universal Life Insurance is classified as a type of permanent life insurance because it provides coverage for the insured's entire lifetime, as long as premiums are paid. This policy not only offers a death benefit but also accumulates cash value over time. The cash value component allows policyholders to build savings on a tax-deferred basis, which can be accessed during their lifetime through loans or withdrawals.

Permanent life insurance is designed to remain in effect until the policyholder passes away, contrasting with term life insurance, which covers a specific period and does not build cash value. Additionally, accidental death insurance focuses solely on providing a benefit in the event of death due to an accident, while renewable term life insurance offers the ability to renew a policy at the end of its term without having to undergo further medical underwriting, but it still remains as term insurance without cash value or lifetime coverage. Thus, universal life stands out as the option that embodies the characteristics of permanent life insurance.