Variable life insurance is similar to whole life in that the premium payments are level, and there is generally a minimum guaranteed death benefit. Variable life insurance permits the policy owner to allocate a portion of each premium payment to one or more investment options in separate sub-accounts after a deduction for expense and mortality charges. The death benefit and cash value of a variable life policy will increase or decrease based on the performance of the investment options chosen. The death benefit, however, will not drop below an initial guaranteed amount, unless policy premiums are not paid or if loans or other withdrawals are taken from the policy. Because the investment options available inside a variable life policy usually involve securities (e.g. stocks and bonds), the Securities and Exchange Commission requires this type of policy to be accompanied by a prospectus.

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