Insurance that combines features of flexible premium life insurance and universal life insurance into one policy in the following manner:
Premiums after the required minimum initial premium payment, premiums are flexible. The policy owner can select both their future amount and frequency, with certain restrictions that depend on the design of the policy. The policy owner can stop and start the premiums at his or her discretion, and a lump sum premium can be made at any time subject only to federal tax restrictions.
Variable the death benefit may increase or decrease subject to the performance of an investment account of equities in which the premiums are placed. However, a minimum death benefit is guaranteed the initial face value of the policy. Cash values fluctuate according to the performance of this investment account.