What is the primary characteristic of Ordinary Life Insurance?

The primary characteristic of Ordinary Life Insurance is that it encompasses both term and permanent insurance options. This means that the policyholder has access to a variety of insurance products that cover different needs and preferences. Term insurance provides coverage for a specified period, typically with lower initial premiums, while permanent insurance, such as whole life or universal life, offers coverage for the insured's entire lifetime along with a savings component.

This flexibility in offering various types of coverage allows consumers to choose policies that best fit their financial needs and goals, making Ordinary Life Insurance a comprehensive option in the life insurance market. It is important to recognize that this combination is a defining feature, distinguishing it from other types of insurance that may focus solely on one type or the other.