The most popular form of whole life insurance is convertible whole life insurance, sometimes called ordinary life or straight life.

Convertible life requires the lowest premium of all whole life insurance plans. Premiums may be paid on this policy as long as the insured lives or for a shorter period of time depending upon the objective of the insured.


Whole life insurance has a level annual premium for the duration of the premium-paying period. The annual premiums in the early policy years are in excess of the actual premium needed to cover the risk. A few of the most popular plans are the 20-payment life policy or a life paid up at 65 policy. Obviously the higher the premium paid the greater the reserve and the greater the value of the policy.

Straight life insurance taken out at age 25 costs $17.70 per year. This is the quoted rate of one mutual insurance company. A mutual company pays dividends to the policyholders. What does the insured get for this extra premium? The holder of the straight life policy gets $403.94.

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