What is a common feature of all permanent life insurance policies compared to term policies?

Permanent life insurance policies are distinct from term policies primarily due to their cash value accumulation feature. When a policyholder pays premiums for permanent life insurance, a portion of those premiums is allocated to a cash value component, which grows over time based on a specified interest rate or investment performance. This cash value can serve multiple purposes for the policyholder, such as being accessed through loans, withdrawals, or used to pay premiums.

In contrast, term life insurance provides coverage for a specified period, typically without any savings or investment component. It pays out a death benefit only if the insured passes away during the term but does not develop any cash value.

The other characteristics noted in the options, such as lower premiums or expiration at a set age, pertain directly to term insurance or do not apply to permanent life insurance. Therefore, the ability to build cash value is a defining attribute of permanent life insurance that differentiates it from term policies.