This is my favorite type of life insurance, because it combines the cheap-ass features of Term Insurance with the conservative, equity-building features of Whole Life insurance.
When you buy this product, you are betting on the Money Market. The rate of return on your premium dollar right now is around 6%. The guaranteed rate of return, no matter what happens to the economy, is usually 4%. When Jimmy Carter was President, these policies were paying around 12%. So you see how it can go.
But it's the flexibility that appeals to me. You can pay as much as you want for the coverage, if you stay within tax guidelines, to build up as much future equity as you like. You can adjust the death benefit to fit your current situation. (What, the kids have moved out? Par-taay, par-taay!) And you can withdraw your equity just like from a savings account at the bank. Of course, you don't want to do this unless it's an emergency, such as saving the wee turtles.
But it's just good to know that you own some property with your life insurance. Do you rent your house? Even if you do, there's no need to ret your insurance.