Which of the following is typically NOT a feature of variable life insurance?

Variable life insurance is designed to provide both life insurance protection and an investment component, allowing policyholders to allocate their premiums toward various investment options. Typically, the features of variable life insurance include investment in securities, which allows the cash value of the policy to grow based on the performance of those investments. This is often coupled with cash surrender values that can fluctuate because the cash value depends on the performance of the chosen investments.

Another key feature is the flexibility in premium payments, enabling policyholders to adjust the amount and frequency of their contributions based on their financial needs.

On the other hand, while variable life insurance does provide lifetime coverage, it is not guaranteed in the same way as whole life insurance. The coverage remains in force as long as premiums are paid and the cash value is sufficient to cover the costs of insurance. However, unlike some other types of policies, the coverage can potentially lapse if the investments perform poorly or if there is insufficient cash value to cover the ongoing costs. Therefore, the feature of guaranteed lifetime coverage is not typically associated with variable life insurance in the same manner as it is with whole life policies. This is why it stands out as the option that does not align with the distinctive features of variable life insurance.