A straight life policy has what type of premium

This is the most common type of permanent insurance policy. It offers a death benefit along with a savings account. If you pick this type of life insurance policy, you are agreeing to pay a certain amount in premiums on a regular basis for a specific death benefit. The savings element would grow based on dividends the company pays to you.

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Universal or adjustable life
Variable life
Variable-universal life

Universal or adjustable life

This type of policy offers you more flexibility than whole life insurance. You may be able to increase the death benefit, if you pass a medical examination. The savings vehicle (called a cash value account) generally earns a money market rate of interest. After money has accumulated in your account, you will also have the option of altering your premium payments – providing there is enough money in your account to cover the costs. This can be a useful feature if your economic situation has suddenly changed. However, you would need to keep in mind that if you stop or reduce your premiums and the saving accumulation gets used up, the policy might lapse and your life insurance coverage will end. You should check with your agent before deciding not to make premium payments for extended periods because you might not have enough cash value to pay the monthly charges to prevent a policy lapse.

Variable life

This policy combines death protection with a savings account that you can invest in stocks, bonds and money market mutual funds. The value of your policy may grow more quickly, but you also have more risk. If your investments do not perform well, your cash value and death benefit may decrease. Some policies, however, guarantee that your death benefit will not fall below a minimum level.

Variable-universal life

If you purchase this type of policy, you get the features of variable and universal life policies. You have the investment risks and rewards characteristic of variable life insurance, coupled with the ability to adjust your premiums and death benefit that is characteristic of universal life insurance.

Whole life insurance is also referred to as “ordinary life” or “straight life.” It provides coverage for your entire lifetime.
The premium depends on your age at the time you buy and stays the same as you grow older. The lowest premiums go to those who buy it when they're young, because they'll pay into it the longest.
Your cash value grows based on a fixed interest rate set each year in your policy by the company.
Some whole life policies let you pay premiums for a shorter time, such as 15 years or until you reach age 65.
Premiums for these policies are higher because you make premium payments during a short time frame.

Universal life insurance is also referred to as "flexible premium adjustable life insurance." It features a savings element (cash value) that grows on a tax-deferred basis.
The insurer invests a portion of your premiums. The return on the investment is credited to your policy tax-deferred.
Universal life insurance offers a guaranteed minimum interest rate, which means the insurer guarantees a certain minimum return on your money.
If the insurer does well with its investments, the interest rate return on the accumulated cash value increases.
Many universal life policies offer a no-lapse guarantee. This means as long as you pay the minimum premium, the policy will stay in force to maturity. However, paying the minimum guaranteed premium is rarely sufficient to build up significant cash values.

The death benefit and cash values vary.
The company invests your cash values into separate investment accounts, such as portfolios of stocks, bonds, and other investments. These separate accounts are like mutual funds.
The company should provide you with information (also called a prospectus) that describes each separate account.
As the policy owner, you choose the separate accounts to invest the cash value.
The cash values and death benefit vary due to increases or decreases in the value of the separate accounts.
You take the investment risk as the policyholder.