thanks for asking. the answer to this has changed in the last 30 years. Interest sensitive life insurance is the type where the premiums and/or cash value can change based on the interest rate environment.
In the old days, where these products became most famous, were with universal life contracts, which featured variable premiums based on interest rates. These became popular when interest rates were high in the 1980s. The high rates kept premiums low. Some of these policies became "exploding life insurance" when rates dropped much lower in the 2000s. The reason was that low rates made the premiums exorbitant and unaffordable for some.
Today, many companies appear to offer policies that are sensitive to rates but also have guarantees (guaranteed universal life being one) so that the cash value built may vary on rates, and the premium may vary but there are built in guarantees these days on premiums and even on cash value in these types of plans that prevent the "exploding" life insurance scenario.
Bottom line - there are so many darn financial products available on the market, you will either enjoy the variety and customization or find it quite annoying to navigate. And I wouldn't blame you for feeling either way!
have a great day and feel free to hit me with follow up questions.
PS. Wikipedia and some company sites offer some more helpful explanations