Permanent coverage with market investment options
Variable universal life combines flexible permanent coverage with cash value you invest in sub-accounts similar to mutual funds. It offers the most growth potential of any life policy — and the most risk, since the cash value can rise or fall with the markets.
You allocate cash value among investment sub-accounts, so returns depend on market performance and there’s usually no floor. Strong markets can build significant tax-deferred value; poor markets can erode it and, if underfunded, put the policy at risk of lapsing. VUL is a securities product and requires a prospectus.
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Generally experienced, risk-tolerant investors who have already used other tax-advantaged accounts and want permanent coverage with market exposure. It’s not ideal for someone who wants guarantees or a hands-off policy.