Definitions for "Straight Life Insurance"
Keywords:  whenever, whole, payable, premium, life
insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured
(See Whole Life Insurance.)
Another name for ordinary or whole-life insurance, it has two things combined into one policy: life insurance coverage and cash accumulation. Each premium paid funds both aspects. p 155