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Variable Life/Variable Universal Life: Variable Life insurance is a life insurance policy that is based on the performance of the financial markets. The policy offers several professionally managed investment options and the policy owner decideshow the net policy values are to be invested. The values may accumulate more rapidly than with other cash values policies, but the policy owner incurs additional risk. If market performance is poor, the death benefit may decrease, and/or the policy owner may have to pay higher premiums to keep the policy in effect. As with whole life and universal life policies, policy owners may borrow against or withdraw the cash value at anytime. Loans and withdrawals may reduce cash values and the death benefit.

Variable Universal Life policies are life insurance products with an investment component, allowing policy owners to invest their assets among a selection of professionally managed funds that make up the separate account. Unlike nonvariable policies, the insurance company does not guarantee the cash value of these investment options. Since the policy values may vary either upward or downward based on the investment performance of the investment options selected, a variable universal life policy presents an investment risk to the policy owner.