When you die the cash value is given over to the insurance company, and the benefit amount is paid to the beneficiary.
Is well defined by the title. You can invest in variable payments up to the legal limit set by the IRA and the investments can be in stocks, mutual funds, bonds, etc similar to an IRA.
You can die at any time, and the money will be paid by the insurer as long as there is enough cash in it to pay the cost of insurance in the policy.
There is no guarantee as far as returns are concerned.
It is a sort of mixture of term insurance and investment in a money-market and pays out at the markets rate of return.
Usually there is no guaranteed rate and the benefit is a possibly higher return.
Any payments that are above the cost of the policy are added as a credit to the cash value of the policy.
You can skip payments if you have enough money in the policy, but the cost of the insurance, as well as fees and any other policy charges, are deducted from your balance.
Term Life Insurance
Usually it is a bad deal as only 1-2 % of people ever collect on it, and at the end there is no cash value to show for it all.
It sounds like a bad deal unless your spouse or beneficiary thinks you are going to get killed sooner than later.