Which of the following is a feature of variable life insurance?

Variable life insurance does not provide a fixed death benefit; instead, the death benefit can vary based on the performance of the underlying investments. While there is typically a minimum death benefit guaranteed, the potential for growth or decline means the benefit can change over time, making this choice incorrect.

Unlike whole life insurance, variable life insurance does not guarantee a specific cash value. The cash value in a variable life policy can increase or decrease depending on the investment performance, meaning it is not a guaranteed feature. Therefore, this option does not accurately describe variable life insurance.

While variable life insurance may offer some degree of premium flexibility, it is not a defining feature that sets it apart from other types of life insurance products. Many life insurance policies allow for flexible premium payments, so this characteristic does not uniquely apply to variable life insurance.