Preset, fixed minimum death benefit
Traditional whole life & variable life
May or may not have a preset, fixed death benefit
Universal life
Guaranteed minimum cash level
Traditional whole life & Universal life
No guaranteed cash value
Variable life
Allow loans against a percentage of cash value (usually 90%)
Traditional whole life
Allow loans against current cash value
Universal life
Allow loans against percentage of cash value (75%-90%)
Variable life
Fixed amount of premium at fixed intervals
Traditional whole life & variable life
Flexible premium and timing
Universal life
Assets kept in general accounts of insurance company
Traditional whole life & Universal life
Policyholder chooses separate account that meets investment requirements
Variable life
Risk is by insurance company
Traditional whole life & Universal life
Risk is assumed by the policyholder
Variable life