Variable life insurance policies are like whole life insurance policies requiring a fixed premium over a policyholder's lifetime, but excess premiums earn variable rates rather than fixed rates of return based on a policyholder's choice of investments, passing on investment risk to the policyholder. A minimum death benefit is specified on the policy, but no maximum, with the actual payment to beneficiaries depending on yields earned on excess premiums.

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Variable life insurance policies do require a fixed premium over the policyholder's lifetime but the excess premiums earn variable rates based on the policyholder's choice of investments, which passes on investment risk to the policyholder. The death benefit has a minimum specified but no maximum, and the actual payment to beneficiaries depends on the yields earned on excess premiums.

Variable Life Insurance Policies Are Like Whole Life Insurance Policies