Final answer:
Estate creation life is characterized by permanent life insurance protection, combining a death benefit with a cash value component that accrues over time.
Step-by-step explanation:
The policy characterized by permanent life insurance protection is Estate creation life. This type of policy, also referred to as cash-value (whole) life insurance, includes both a death benefit and a cash value component.
The cash value grows over time and can be used by the policyholder for various financial needs, serving as an accumulated account.