Adjustable life: the owner can move the plan between term-like and whole-life-like coverage by changing the premium, the premium-paying period, the face amount and the coverage period. Raising the face amount generally requires proof of insurability. Universal life has largely taken its place.
Universal life (UL): appeared around the end of the 1970s as flexible-premium adjustable life.
Two parts: the pure cost of protection (mortality charges that rise with age, like annually renewable term) and a cash value account.
Flexible premiums: the minimum premium keeps the policy in force for now; the target premium is the insurer's suggested amount to keep the policy on track. If what goes in is less than the charges, the cash value is drawn down; if the cash value runs out, the policy can lapse.
Interest on cash value: the higher of the current rate and the guaranteed minimum rate.
Partial withdrawals are allowed.