Nerdwallet – Insurance Help With Jim Ludwick
Permanent: The spouse has selected a pension annuity (single life) that dies with them. They purchase a life insurance policy for less monthly premium than the difference between the reduced pension covering both lives and the single life annuity pension. If the beneficiary dies first the life insurance policy can be cashed in (these policies usually have a cash value after some time period) or the beneficiaries can be changed to someone(s) like a child(ren). This reflects a permanent need that lasts the lifetime of the insured.
Most people buy term since their needs are temporary. I hope yours are too.