Variable Life Insurance

Life insurance under which the benefits relate to the value of assets behind the contract at the time the benefit is paid. The assets fluctuate according to the investment experience of funds managed by the life insurance company.

Variable life insurance policies are cash-value policies that allow you to choose how your premium is invested from among a package of alternatives offered by the insurer.

In many variable life policies, the face value of your policy depends on how well the investments you've chosen are performing.