Is whole life insurance the same as permanent life insurance?

No, whole life is not synonymous with permanent life insurance. It is a type of permanent insurance and has been around for over 175 years. It offers savings at conservative, guaranteed rate of return, such as 3-5%. With whole life, you typically cannot change your premiums or your coverage amount throughout your life. In addition, average whole life insurance premiums could cost 1.5-3x higher than other permanent life insurance product types for the same coverage amount. There are other types of permanent life insurance products designed to cover you for your entire life and that offer more flexibility and higher cash accumulation returns.