What type of insurance policy is characterized by a fixed premium and permanent coverage?

Straight Whole Life Insurance is characterized by a fixed premium and provides permanent coverage for the entire lifetime of the insured. With this policy, the premium amount remains the same throughout the life of the policy, making it easy for policyholders to budget their insurance costs. Additionally, this type of policy accumulates a cash value over time, which can be borrowed against or withdrawn, providing further financial benefits to the policyholder.

In contrast, term life insurance offers coverage for a specified term but does not accumulate cash value and premiums typically fluctuate when renewing the policy. Universal life insurance provides flexible premiums and death benefits and includes an investment component, while indexed life insurance connects the cash value growth to a stock market index but can be complex in terms of understanding its premium structure and cash value accumulation. The fixed nature of both premium and coverage duration sets straight whole life insurance apart as the best fit for this question.