Because of this market risk, the policy amount payable at death, and the amount available for a policy loan, vary over time depending on the performance of the investments. The premium remains the same over the duration of the policy. Variable Universal Life. This type of policy combines the flexible premium option of universal life with the variable life concept. The policy is paid up at the first death, but the face value is not paid until the second death.
Joint life is a policy that covers two lives.
The policy pays off when the first dies. It costs less than two separate policies for the same amount. A policy that offers contingent coverage is similar to joint life but can be written on more than two lives. Single Premium Life. Some of the premium money pays for a minimal amount of protection, but most goes to an investment account.