Which factor can lead to an increase in the "cost of insurance" in Variable Life policies?

In Variable Life policies, the "cost of insurance" can increase due to the policyholder's age. As individuals age, the risk of mortality typically increases, which leads insurance companies to reassess the cost associated with providing coverage. Insurance premiums are designed to reflect the higher risk of death associated with older age groups. Consequently, as the insured ages, the cost of insurance charges may rise to ensure that the policy remains adequately funded to cover the increased risk.

The other factors mentioned, such as cash value decreases, investment performance, and market trends, can influence the overall performance of the policy or its cash value accumulation but do not directly affect the cost of insurance in the same manner that aging does. Thus, age is a significant factor directly linked to increased insurance costs in Variable Life policies.