What is variable universal (VUL) insurance?

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Variable universal life insurance is a type of permanent life insurance with the following characteristics:

  • Like universal life, you can adjust the premium or the benefit amount

  • Like variable life, you can invest the cash value portion of the policy among the insurance company's portfolio of investments.

  • Because the cash value portion is invested, there is a risk that you can end up losing cash value over the life of the policy.