Variable Life insurance policyowners may make withdrawals in terms of ________________.

In Variable Life insurance, policyowners have the flexibility to access the cash value component of their policy. The correct approach allows them to make withdrawals in terms of either the number of units or a fixed monetary amount through the cancellation of units. This option accurately reflects how variable life insurance operates, as policyowners can specify the amount they wish to withdraw, which may correspond to a specific number of units in the investment portfolio. Cancelling units allows them to realize cash from their investment while still maintaining some level of coverage.

Understanding this mechanism is crucial since every withdrawal affects both the cash value and the death benefit, depending on the number of units cancelled. This option emphasizes the dual nature of variable life policies where policyowners can make personalized financial decisions based on their needs, thus providing them with greater control over their investment and insurance coverage.