From Insurance Lounge

Despite higher initial premiums, permanent life insurance can actually be less expensive than term in the long run. Some permanent policies are eligible for dividends, if and when they are declared by the insurance company. Many companies offer the option to apply current and accumulated dividend values towards payment of all or part of the premiums. So while premiums must be paid under both permanent and term insurance plans, the long-term out-of-pocket cost of permanent life insurance may be lower compared to the total cost for a term policy.