Whole life insurance may also be referred to as what type of life insurance?

Whole life insurance is often referred to as straight life insurance. This type of insurance provides coverage for the insured's entire lifetime, as long as premiums are paid. It combines a death benefit with a savings component that accumulates cash value over time. The terms "whole life" and "straight life" are interchangeable and emphasize the lifelong coverage aspect and the level premiums that remain constant throughout the policyholder's life.

The other types of life insurance listed do not have the same characteristics as whole life. For example, term life insurance is temporary and only provides coverage for a specified period. Universal life offers more flexibility in premium payments and death benefits, while variable life allows policyholders to invest the cash value in various investment options, which can lead to fluctuating values. These fundamental differences highlight why "straight life" is the appropriate term for whole life insurance.