Synonymous With Whole Life and Straight Life The three terms are applied to the type of policy which continues during the whole of the insured’s life and provides for the payment of amount insured at this death.
Ordinary Life Insurance is that in which you continue to pay premiums throughout the entire life of the policy. With Ordinary Life Insurance, part of your premium is used to accumulate a cash value, and part is used to actually pay for the life insurance.
Whole life insurance on which premiums are paid for life.
Permanent, whole life (cash value) insurance
A whole life policy where the premiums are paid throughout the life of the insured. Also known as "straight life".
(1) All life insurance policies not classifiable as Industrial or Group. (2) A continuous premium, whole life policy (also sometimes called Straight Life).
Permanent insurance that provides for the payment of proceeds at death or at policy maturity (if the insured is still living at that time). Also known as Whole Life Insurance.
Whole Life - Straight Life - These three terms are synonymous and are applied to the type of policy which continues during the whole of the insured's life and provides for the payment of amount insured at the insured's death, or usually on the basis of age 100 on the CSO Table, if the insured still is living at that age.
An ordinary, or straight life insurance, contract is one of the major types of life insurance policies. Such contracts are based on the level premium concept where the assumption is that the premiums will be paid by the policyowner throughout the insured's lifetime.
