A variable universal life insurance policy combines features found in both universal life policies and variable life policies. A variable universal contract permits a policy owner to allocate a portion of each premium payment to one or more investment options, in separate accounts, after a deduction for expense and mortality charges. A annual statement detailing the expenses, charges, and credits allows a policy owner to track performance over time. A variable universal contract permits the owner of a policy, within certain guidelines, to modify the policy death benefit, and change the amount and timing of premium payments, to meet changing circumstances. 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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