Variable Life insurance allows policyowners to do which of the following?

Variable life insurance is designed to provide both a life insurance benefit and an investment component, allowing policyholders to allocate their premiums among various investment options. This flexibility aligns with the characteristics of the investment component of variable life insurance.

Choosing to access a diversified portfolio highlights the key feature of variable life insurance, which enables policyowners to invest their cash value in a variety of investment options, such as stocks, bonds, and mutual funds. This diversification can help policyholders align their investments with their risk tolerance and financial goals.

The other options do not align with the fundamental aspects of variable life insurance. For example, simply investing without insurance protection is not possible, as the policy is structured to provide both. While policyowners do have some flexibility regarding premium payments, it is not entirely at will but rather subject to the terms of the policy. Additionally, while policyholders can access the cash value of their policies, there are typically rules and conditions that govern how and when this can be done, meaning they cannot cash out their entire balance whenever they desire without potentially facing penalties or tax implications.