What type of life insurance requires premium payments for the entire life of the insured?

Straight life insurance, also known as whole life insurance, is a type of life insurance that requires premium payments for the entire life of the insured. The policy remains in force as long as the premiums are paid, and it provides a guaranteed death benefit to the beneficiaries upon the death of the insured, regardless of when that may occur. This type of insurance typically builds cash value over time, which the policyholder can borrow against or withdraw under certain conditions.

Unlike term life insurance, which only covers a specified period and does not accumulate cash value, straight life insurance is designed to be a lifelong coverage solution. Universal life and variable life insurance also provide permanent life coverage but are structured differently in terms of premium flexibility and investment options. Therefore, straight life insurance's defining characteristic is its requirement for ongoing premium payments for the life of the insured, making it the correct answer to the question.