Type of whole life insurance in which benefits relate to the value of assets in the investment portfolio of the contract at the time the benefit is paid. Premiums are fixed and there is a minimum death benefit.

Type of whole life insurance that combines the premium and death benefit flexibility of universal life insurance with the flexible investment and risk of variable life insurance. Such policies are considered securities contracts and must be registered with the Securities and Exchange Commission (SEC). Agents who have passed the National Association of Securities Dealers (NASD) may sell this type of insurance.