Permanent life insurance refers to various forms of whole life policies that remain in effect to age 100 and include a savings element; nonparticipating policy does not pay dividends.

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Permanent life insurance is designed to provide coverage for the insured’s whole life and typically includes a cash value that grows over time. That aligns with describing forms of whole life that stay in force to age 100 and have a savings element. Term life, by contrast, covers only a specified period and generally has no cash value, so it doesn’t match the description. A nonparticipating policy is about whether the policy pays dividends, which can apply to various policy types, including permanent life, but the defining feature of permanent life is longevity and cash value, not the dividend feature. An executive bonus is a separate employer-employee arrangement and not the general category described here.