variable universal life
insurance
A form
of whole life insurance that combines the premium and
death benefit flexibility of universal life insurance with the investment
flexibility and risk of variable life insurance. Because the policyowner assumes
investment risk under variable universal life insurance policies, these
products are considered securities contracts. In the United States, variable
universal life insurance policies must be registered
with the Securities and Exchange Commission (SEC), and only
agents who have passed the National Association of Securities
Dealers (NASD) examination may sell this product. In Canada, variable universal life insurance policies
are considered life insurance contracts, and agents do not need
a special
license to
sell these products. Also called flexible premium
variable life insurance and universal life II. See also investment-sensitive
life insurance.
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