Variable universal life insurance refers to universal life insurance policies where the policy holder chooses how the cash value of the account is invested. Like any universal life insurance, these policies allow flexible premiums and death benefits. Variable universal policies separate the cash value investments into different accounts that pool together different investments, allowing the policy holder to make strategic investments similar to mutual funds. For more information on universal life insurance, click here.
[Last updated in April of 2022 by the Wex Definitions Team]