Variable Life funds can be invested in various financial instruments except:

Variable Life insurance policies allow policyholders to allocate their cash value among various investment options, and typically these options include a range of financial instruments such as cash funds, bond funds, and specialized funds.

However, one cannot invest variable life funds directly in insurance policies. Insurance policies are themselves financial products designed for risk management and personal protection, not investment vehicles into which other investments can be made. While aVariable Life policy might include components that are insurance-oriented, the funds from the policy are not meant to be invested back into additional insurance policies. This distinction reinforces the purpose and structure of variable life insurance, where investment is directed toward growth through market-based instruments rather than towards purchasing more insurance coverage.