Straight life = whole life insurance; offers lifelong coverage, fixed premiums, and a death benefit for beneficiaries.
Policy accumulates cash value at a guaranteed rate; funds accessible via loans or surrender, with possible fees.
Participating policies may pay dividends, which can be taken as cash, used for premiums, or to buy paid-up additions.
Straight life costs more than term; premiums depend on age, health, and lifestyle factors.
Death benefit is typically income tax-free; cash value grows tax-deferred and can be accessed tax-free up to cost basis.