Final answer:
Whole Life insurance is the coverage that provides permanent life insurance with lifelong premiums, offering a death benefit and an accumulating cash value.
Step-by-step explanation:
The type of insurance that offers permanent life coverage with premiums that are payable for life is C. Whole Life insurance. Whole Life insurance is designed to provide the policyholder with life coverage for the entirety of their life. These policies not only provide a death benefit but also feature a savings component, where cash value can accumulate over time. This cash value can be used by the policyholder as an account from which they can borrow funds or even receive cash if the policy is surrendered.