Definitions for "Variable Universal Life Insurance"
Life insurance that builds tax-deferred cash value and includes features of both variable and universal life insurance coverage. The value of the policy depends upon the performance of the underlying investments selected. Like universal life, the premium and coverage options are flexible, within certain limits. You are subject to investment risk, including loss of principal.
A type of permanent life insurance that permits the owner to vary the amount of protection and premiums and also builds cash value that can be invested in a variety of investment portfolios. Investment earnings on the cash value accumulate tax-deferred and the policy owner can transfer funds among investment portfolios with varying objectives.
A form of life insurance (also called Universal Life II) that combines the flexible premium features of universal life with the investment component of variable life.