Is there a single word for speech with a double meaning?

There's also polysemous or polysemantic, both of which mean "having many meanings."

A pun:

The pun, also called paronomasia, is a form of word play which suggests two or more meanings, by exploiting multiple meanings of words, or of similar-sounding words, for an intended humorous or rhetorical effect.

^Wikipedia

Perhaps more specifically a homonymic pun, which relies on words that are both homographs (same spelling, different meaning) and homophones (sound alike), e.g., "Being in politics is just like playing golf:

. . . you are trapped in one bad lie after another."

Equivocation could work.

Equivocation is classified as both a formal and informal logical fallacy. It is the misleading use of a term with more than one meaning or sense (by glossing over which meaning is intended at a particular time). It generally occurs with polysemic words.

Wikipedia