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NEW YORK — With term life insurance rates so cheap, why would anyone want to buy a permanent policy? After all, premiums can be four, five or 10 times higher than with term insurance, and comparing permanent plans isn't easy.

There's still a place for whole and universal coverage. The chief advantage of permanent plans, also known as "cash-value" insurance, is that they are, indeed, permanent; they last until you die while term coverage lasts for 10 to 30 years, and the price can skyrocket on renewal.

If you have a child with special needs who will require care long after you retire or expect a large estate tax bill, a permanent policy could come in handy, says Kimberly Lankford, a contributing editor at Kiplinger's Personal Finance and author of "The Insurance Maze." People are also living longer these days and you may want coverage well into your old age.