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Life insurance
Variable universal life insurance
Permanent coverage where the cash value is invested, so it can grow or shrink with the markets.
Invest your cash value
Choose from investment sub-accounts offered with the policy.
Flexible premiums
Within limits, you can adjust what you pay.
Coverage for life
A death benefit that can last your lifetime, if the policy stays funded.
Read the prospectus
Fees, risks and investment options are described in writing.
How it works
Variable universal life (VUL) combines a flexible-premium policy with investment sub-accounts that you choose, similar to mutual funds. The cash value, and sometimes the death benefit, depends on how those investments perform. You carry the investment risk, so the cash value can go down as well as up.
What to look at before you buy
- The prospectus: investment options, fees, charges and risks
- Whether poor returns could force you to pay more to keep the policy
- Total annual costs, including fund expenses and policy charges
- Your comfort with market risk and your time horizon
A note on how it is sold
Variable policies are securities and are sold by prospectus only through advisors with the required securities registration. [Edit to match your licensing: say whether you offer variable products or refer them to a registered representative.] We will always tell you plainly what we can and cannot offer.
Ready to get started?
Variable universal or universal life?
| Feature | Variable universal life | Universal life |
|---|---|---|
| Cash value growth | Depends on the investments you choose | Interest credited by the carrier |
| Who carries investment risk | You | Mostly the carrier |
| Cash value can go down | Yes | Less likely, with a stated minimum rate |
| How it is regulated | Insurance and securities rules; sold with a prospectus | Insurance rules |
| Often chosen for | People comfortable with market risk and a long time horizon | People who want lifelong coverage with less market risk |
General comparison. Features, costs and guarantees vary by carrier and policy. Read the policy details before you decide.
In one minute
Variable universal life in one minute
A quick video that explains the basics in plain language.
How much life insurance do you need?
Answer a few questions and see an estimate in about two minutes.
Questions and answers
Common questions about variable universal life insurance
Can I lose money in a VUL policy?
Yes. The cash value is invested and is not guaranteed. Ask for the prospectus and read the risks and fees before deciding.
Who can sell variable policies?
Only people with the required securities registration, in addition to an insurance license. Ask any advisor about their registration before you buy.
What are the costs?
Costs can include insurance charges, administrative fees and the expenses of each investment option. The prospectus lists them all.
Keep learning
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Tools and guides
Talk it through with an advisor.
A licensed insurance advisor will answer your questions and explain every option. No pressure and no obligation.