Straight life


Also found in: Dictionary, Thesaurus.

Straight Life

An annuity or other insurance plan that provides the policyholder with monthly payments for the remainder of his/her life. After death, however, the payments cease, and the policyholder does not name a beneficiary. Like all annuities, one may buy the plan with a lump sum or with a series of payments over a number of years, usually ending around retirement. Straight life policies are usually less expensive than other annuities because they end in one's death, which is presumably before the death of one's spouse, children, and other beneficiaries. However, they provide fewer services, notably a widow's benefit.

Straight life.

A straight life insurance policy is a type of permanent insurance that provides a guaranteed death benefit and has fixed premiums. This traditional life insurance is sometimes also known as whole life insurance or cash value insurance.

With a straight life policy, a portion of your premium pays for the insurance and the rest accumulates tax deferred in a cash value account.

You may be able to borrow against the cash value, but any amount that you haven't repaid when you die reduces the death benefit.

If you end the policy, you get the cash surrender value back, which is the cash value minus fees and expenses. However, ending the policy means you no longer have life insurance and no death benefit will be paid at your death.

References in periodicals archive ?
However, if the surviving spouse receives a straight life annuity, there is no property interest remaining at his death to be included in his gross estate.
Savings bank Life of MA Straight Life High early cash values; liquidity
If payments were made under a straight life annuity, payments cease upon the annuity holder's death; there is no remaining property interest, nothing is passed to survivors, and nothing is included in the annuity holder's estate.
Even husband Mack starts to doubt her - she chose the straight life and if she's not with them, she's against them.
He's back with a new show and his new book, Se-or Nice - Straight Life From Wales To South America, deals with his new-found celebrity status upon his prison release and reflects on his colourful past.
In many ways the effects are no different from those on straight life.
Where Engineer is a level-headed and thoughtful chap who'd rather lead a straight life repairing ears, brother Brocas (Ivo Canelas) is a loose-cannon punk looking to score, and thrilled that his old buddy in crime, Metralha (Miguel Borges), is out of prison.
The results have produced O'Day's sleek Sting/ING Situations, Mrozewski's poignant Lost and Found and gritty Straight Life, and Derek Deane's demi-caractere charmer Hungary Heart .
The man who brokered the 1993 truce among 75 of the San Fernando Valley's gangs said Lopez and others like him are proof that gang bangers can cross over to the straight life.
Sonoko nevertheless clings to him all the more firmly--perhaps because everyone else wants her to abandon the straight life she took up so recently.