What aspect can potentially impact the investment performance of a VUL policy?

The investment performance of a Variable Universal Life (VUL) policy is primarily influenced by the market performance of the underlying investments chosen by the policyholder. VUL policies allow policyholders to allocate their cash value among a variety of investment options, which typically include mutual funds or other investment vehicles that can fluctuate based on market conditions.

When the market performs well, the value of the investments can increase, leading to potential growth in the cash value and the death benefit of the policy. Conversely, if the market underperforms, the cash value and potentially the death benefit may decrease. Thus, the investment performance directly correlates with how well those underlying investments perform in various economic environments.

Other factors, such as customer service ratings, the agent's experience, or the number of claims paid, may contribute to the overall satisfaction and reliability of the insurance company but do not directly affect the investment performance of the policy’s cash value. Those factors may influence a policyholder's choice of insurer or agent but will not change how the investments themselves perform in the market.