Another term policy allows a premium to be fixed as the face value of the policy decreases over time. This is basically a term policy with a side fund that earns an interest rate. It's more expensive than term in the early years. But the interest earnings, accumulated on a tax-deferred basis, can increase the policy's cash value. Within limits, this allows you to vary the premium you pay and use the cash value make up the difference.
Universal life tends to be a consumer favorite when interest rates are high.
Variable universal life. The concept is similar to that of universal life. In this case, however, you may choose to invest in the stock market. That is, the side account can be invested in one fund or a combination of funds similar to mutual funds. The return on cash value depends on the performance of the underlying fund, which may be either stocks, for example, or bonds.