Complex sentence: Traded Life Policies (or TLPs) are most commonly United States-issued, whole-of-life assurance policies, but mainly Universal Life policies sold before they become claims, to allow the original owner to enjoy some of the benefits during their lifetime.
Split into simpler sentences: Traded Life Policies (or TLPs) are most commonly United States-issued Universal Life policies sold before the policy becomes a claim. This allows the original owner to enjoy some of the benefits during their lifetime.