The investment returns under a Variable Life insurance policy __________________.

The investment returns under a Variable Life insurance policy are linked to the performance of investment fund management, which is why this option is the correct choice. In a Variable Life insurance policy, the cash value and death benefit can fluctuate based on the performance of the selected investment options, such as stocks, bonds, or mutual funds. Policyholders typically have the flexibility to allocate their premiums among various investment choices offered by the insurance provider.

This linkage to specific investment vehicles means that the returns are not fixed or guaranteed; rather, they are contingent upon how well those investments perform over time. Thus, the policy's value can increase or decrease, directly reflecting the ups and downs of the market. This characteristic distinguishes Variable Life insurance from other forms of life insurance, such as whole life insurance, where the return on investment is usually guaranteed and stable.